Egyptian billionaire Yasseen Mansour has seen his stake in Palm Hills Developments decline by more than $1.5 million in recent times as shares in the Cairo-based real estate firm slump by double-digit percent due to sustained sell-off on the Egyptian Stock Exchange.
According to data tracked by Billionaires.Africa the market value of Mansour’s stake in Palm Hills Developments has decreased by EGP 46.53 million ($1.51 million) since June 12 as investors on the local bourse continue to reduce their stakes in the Egypt-based real estate developer.
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 6.87-percent stake, which translates to 202,291,698 ordinary shares in the Cairo-based real estate firm.
As of press time on Aug. 10, shares in the real estate company were worth EGP 1.98 ($0.06408) per share, 10.41-percent higher than its opening price on June 12, as investors maintained buying interest in the company’s shares after the stock price fell below key levels.
With this recent decline in its share price, Palm Hills’ year-to-date performance on the Egyptian Stock Exchange remains negative, with the share price falling from EGP2.01 ($0.06796) at the start of the year to EGP1.98 ($0.06408) at the time of writing this report, representing a 1.49 percent loss for shareholders.
The market value of Mansour’s 6.87-percent stake in the real estate firm has fallen from EGP 447.06 million ($14.47 million) at the start of the year to EGP400.54 million ($12.96 million) at the time of writing this report as a result of the double-digit decline in the firm’s shares.
This equates to a total loss of EGP 46.53 million ($1.51 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 loss in the market value of his stake in Palm Hills, Mansour remains one of Africa’s wealthiest men.
