The wealthy Khamis family of Egypt has gained more than $11 million from their stake in Oriental Weavers in less than three weeks, as value investors continue to mop up stakes in the company, further boosting its share price above key technical levels.
Data gathered by Billionaires.Africa revealed that the market value of the Khamis family’s stake in Oriental Weavers has increased by EGP 342.77 million ($11.09 million) since July 27 as investors on the local bourse continue to increase their stakes in the Cairo-based group.
Oriental Weavers, based in Egypt, is one of the world’s largest manufacturers of machine-made carpets, with production facilities in three countries.
Egyptian businesswoman and executive Yasmine Mohamed Khamis and her siblings own a 56.58-percent controlling interest in the leading carpet manufacturer, which sells its products in approximately 150 countries throughout the world.
Since July 27, Oriental Weavers shares on the Egyptian Exchange have increased by 8.69 percent, from EGP14.62 ($0.4732) on July 27 to EGP15.89 ($0.5143), thus leading to gains amounting to millions of dollars for its shareholders, including the affluent Khamis family.
The market value of the stake held by the affluent Khamis family has surged by EGP 342.77 million ($11.09 million) in just 20 days, from EGP 3.95 billion ($127.70 million) on July 27 to EGP 4.29 billion ($138.79 million) at the time of writing.
This significant increase has further cemented the position of the Khamis family as not only one of Egypt’s multimillionaires but also reaffirms their position as one of the wealthiest investors on the local bourse.
The year 2023 has been particularly impressive in terms of returns for shareholders of the leading carpet manufacturer, as investors have been particularly drawn to Oriental Weavers’ impressive financial performance.
In the first half of its current fiscal year, the leading carpet maker saw its profit surge by 57 percent, fueled by a substantial 29.98-percent increase in sales.
