Egyptian tech tycoon Mostafa Kandil has seen the market value of his stake in Swvl Holdings Corp., a multinational mobility as a service provider, rise by more than $1 million in the past 19 days, as shares in the leading tech firm rose by single digits.
Swvl is an international supplier of disruptive tech-enabled mass transit solutions, operating in more than 135 cities across 20 countries and providing intercity, intracity, B2B, and B2G transportation. Kandil, who was instrumental in Swvl’s growth, owns 6.35 percent of the company.
As of press time on Aug. 30, shares in the tech firm were selling at $1.68 per share, down 2.6 percent from their opening price on the tech-heavy NASDAQ this week.
Since August 10, Swvl’s shares on NASDAQ have climbed from $1.53 to $1.68 at the time of writing this report, resulting in a 9.8-percent gain for the company’s shareholders, including Kandil, who owns a minority 6.35-percent position in the multinational mobility as a service provider.
As a result of the recent price gains, the market value of Kandil’s stake in the group has climbed by $1.13 million, from $11.55 million on Aug. 10 to $12.68 million at the time of writing this report.
Swvl’s gross income and markets have developed significantly under Kandil’s leadership, with more than 1.4 million users booking more than 46 million rides with thousands of drivers on its platform to date.
The multinational mobility as a service provider partnered with the German government in June during the G7 Summit to supply powerfully electrified on-demand shuttles for 2,500 media personnel.
It also signed a definitive agreement to acquire Urbvan Mobility, a Mexico-based shared mobility platform that offers tech-enabled transportation services and solutions.
The transaction, which is expected to close in the third quarter of 2022, will provide an excellent opportunity for Swvl to accelerate its mission of providing safer, faster, smarter, and more affordable mass transportation services.