Egyptian businessman Medhat Khalil, founder and chairman of Raya Holding, has experienced a substantial decline in his net worth, losing millions of dollars as a result of the sharp decrease in the market value of his stake in the Egypt-based investment conglomerate.
According to data compiled by Billionaires.Africa, the market value of Khalil’s stake in Raya Holding has declined by $41.5 million since the start of the year, contributing to a long list of investors facing significant losses in publicly listed companies.
Raya Holding, formed in 1999 as a result of a merger between entities owned by Medhat Khalil and Orascom Group, stands as a key player in the Egyptian investment landscape.
Khalil owns a majority stake of 58.1 percent in Raya Holding, holding a total of 1,245,661,205 shares. Nonetheless, the value of these shares has been severely impacted by the prolonged downturn in the group’s shares on the Egyptian Exchange.
The share price of Raya Holding has experienced a significant decline of more than 32 percent since the year began, falling from EGP 3.21 ($0.1039) to EGP 2.18 ($0.0706) at the time of reporting.
During the same period, the market value of Khalil’s shares in the conglomerate witnessed a substantial decrease, dropping from EGP 3.9 billion ($129.4 million) on January 1 to EGP 2.7 billion ($87.8 million) on July 28. This loss amounts to a total loss of over $41.5 million for the Egyptian businessman since the start of the year.
Despite these challenges, Khalil, known for his dedication to growth and innovation, remains one of the richest investors on the Egyptian Exchange.
The decline in Raya Holding’s shares and the resulting impact on Khalil’s net worth underscores the challenges investors face amidst the current economic climate.