Hisham Talaat Moustafa, one of Egypt’s wealthiest businessmen, has seen a significant bump in his net worth driven by an increase in his equity holdings in TMG Holding.
Moustafa’s stake in the Cairo-based real estate holding company has increased by EGP614.6 million ($20 million) in the past 48 days due to bullish pressures on the Egyptian Exchange, which have triggered a surge in TMG’s shares.
TMG Holding is a leading force in Egypt’s real estate industry, with a long history dating back to its inception in 1974.
Over the years, the company has grown to become one of the largest real estate holdings in Egypt, thanks to the visionary leadership of Hisham Talaat Moustafa.
With a 43.16-percent stake in TMG, Moustafa is among the richest investors on the Egyptian Exchange, despite the challenging business environment.
So far this year, the group has returned impressive value to its investors, and in the past 48 days, the share price of the real estate holding company has increased by 8.15 percent, resulting in millions of dollars in gains for the company’s shareholders, including Moustafa.
The recent surge in TMG’s share price from EGP8.47 ($0.275) on March 19 to EGP9.16 ($0.297) at the time of drafting this report has led to a market value increase of EGP614.6 million ($20 million) for Moustafa’s 43.16-percent stake in TMG.
According to data tracked by Billionaires.Africa, the market value of his stake has increased by EGP614.6 million ($20 million) from EGP7.54 billion ($244.9 million) on March 19 to EGP8.16 billion ($264.9 million) on May 6, cementing his status as one of the wealthiest investors on the Egyptian Exchange.
Moustafa’s success in the real estate industry has been attributed to his unwavering commitment to excellence and dedication to the business.
He has been instrumental in driving the growth and success of TMG, which has become a major player in Egypt’s real estate market.
The Egyptian multimillionaire businessman is poised to receive EGP172.6 million ($5.58 million) in dividends from TMG Holding.
The $5.58-million dividend, which will be paid into the Egyptian businessman’s account in two installments on May 31 and July 31, represents a significant portion of the EGP400 million ($27.81 million) approved by the company’s shareholders.