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Egyptian billionaire Yasseen Mansour’s stake in Palm Hills Developments has lost more than EGP127 million ($6.73 million) in value since the start of the year, as shares in the Cairo-based real estate firm fell by double digits amid a sustained sell-off on the Egyptian Stock Exchange.
Palm Hills Development, an operating subsidiary of Egypt’s largest conglomerate, Mansour Group, is a well-known real estate developer with active investments in Egypt. The company develops integrated residential, commercial, and resort communities.
Mansour, the chairman of Palm Hills Development and one of Egypt’s and Africa’s wealthiest individuals, owns a substantial 5.22-percent stake in the Cairo-based real estate firm.
As of press time on July 11, shares in the real estate company were worth EGP1.19 ($0.0631) per share, 4.28-percent higher than its opening price on Thurs., July 7, as investors maintained buying interest in the company’s shares after the stock price fell below key levels last Monday, despite the firm’s impressive financial performance in the first quarter of 2022.
Despite the recent increase in its share price, Palm Hills’ year-to-date performance on the Egyptian Stock Exchange remains negative, with the share price falling from EGP1.99 ($0.1055) at the start of the year to EGP1.19 ($0.0631) at the time of writing this report, representing a 40.2-percent loss for shareholders.
The market value of Mansour’s 5.22-percent stake in the real estate firm has fallen from EGP315.8 million ($16.75 million) at the start of the year to EGP188.8 million ($10.01 million) at the time of writing this report as a result of the double-digit decline in the firm’s valuation on the local bourse.
This equates to a total loss of EGP127 million ($6.73 million) for the Egyptian billionaire, who is also a shareholder in the family-owned conglomerate Mansour Group, one of Egypt’s largest conglomerates.
Despite the year-to-date loss in the market value of his stake in Palm Hills, Mansour remains one of Africa’s wealthiest men.
According to Forbes, his net worth has dropped from $2.2 billion to $1.1 billion since 2020.
