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Nassef Sawiris, Egypt’s richest man and one of Africa’s richest billionaires, has seen the market value of his stake in OCI N.V. slump by more than $846 million since the start of the year due to a significant decline in the shares of the Dutch fertilizer producer.
Data gathered by Billionaires.Africa revealed that the market value of the Egyptian billionaire’s 38.8-percent stake in OCI N.V. has decreased by €777.953 million ($846.04 million) since Jan. 1 as investors on the Euronext Exchange continue to reduce their stakes in the Dutch-listed OCI N.V.
Based in the Netherlands and dual listed, OCI N.V. is a global producer of natural gas-based chemicals that produces nitrogen fertilizers, fuels, methanol, and other natural gas-based products for agricultural, transportation, and industrial customers worldwide.
With a present production capacity of about 16.2 million metric tonnes in the Netherlands, the United States, the United Arab Emirates, Egypt, and Algeria, the company ranks among the world’s largest nitrogen fertilizer producers.
Sawiris, who is the richest man in Egypt with a net worth of $7.83 billion, according to the Bloomberg Billionaire Index, owns a 38.8-percent stake in OCI N.V. This stake has contributed significantly to his wealth over the years.
Shares in the Dutch company have decreased from a price of €33.64 ($36.60) per share at the start of the year to €24.07 ($26.19) per share at the time of writing this report, representing a total loss to shareholders of 28.45 percent.
As a result of the double-digit decrease in OCI N.V. shares, the market value of Sawiris’ stake has fallen from €2.73 billion ($2.97 billion) at the start of the year to €1.96 billion ($2.13 billion) at the time of writing.
This amounts to a total loss of €777.95 million ($846.04 million) for the Egyptian billionaire, who is one of Africa’s wealthiest businessmen.
Despite the recent decline in the market value of his stake, Sawiris remains one of the richest investors on the Amsterdam bourse. His company, OCI N.V., is committed to maintaining a robust and disciplined capital allocation policy while pursuing value-accretive ESG and other growth opportunities.
