The Egyptian billionaire Ghabbour family has seen a remarkable increase of more than $33 million in their equity stake in GB Corp over the past 77 days, as shares in the group reached their highest price since January 2023, fueled by robust buying interest from local investors.
Founded by the late Egyptian auto tycoon Raouf Ghabbour in 1985, GB Corp has emerged as a leading automobile distributor and assembler in the Middle East and North Africa. The Ghabbour family presently holds a significant 62.9-percent stake in the automaker, solidifying their position as one of the wealthiest investors on the Egyptian Exchange.
Under the family’s leadership, GB Corp has undertaken substantial expansion, recently culminating in a rebranding initiative to unite subsidiaries of the group, including GB Auto, GB Capital, GB Logistics, GB Ventures, GB Academy, and the Ghabbour Foundation for Development.
According to data tracked by Billionaires.Africa, shares in the Egypt-based automaker were valued at EGP 6.77 ($0.2191) per share as of press time on Aug. 2, marking a 290-basis-point decline from their opening price for the week.
GB Corp’s share price on the Egyptian Exchange has witnessed an impressive 29.09-percent surge in the past 77 days, climbing from EGP 5.26 ($0.1702) on May 17 to EGP 6.79 ($0.220) per share at the time of writing.
This substantial increase in share price has led to a surge in the market value of the Ghabbour family’s stake in the automaker.
Since May 17, the family’s stake in GB Corp has increased from EGP 3.59 billion ($116.17 million) to EGP 4.64 billion ($150.15 million) on Aug. 2, resulting in total gains of EGP 1.04 billion ($33.75 million) in just 77 days.
The recent rebranding efforts of GB Corp align with plans to create significant value for shareholders, intending to achieve this through increased dividend payouts driven by higher earnings and improved asset quality.
With GB Corp’s shares reaching a record one-year change of 134.14 percent, the Ghabbour family’s multimillion-dollar gain highlights their sustained success as key players in the Egyptian automotive industry and the regional business landscape.
