Egyptian tycoon Medhat Khalil, founder and chairman of Raya Holding, has experienced a substantial increase in his net worth, gaining millions of dollars due to the sharp increase in the market value of his stake in the Egypt-based investment conglomerate.
According to data tracked by Billionaires.Africa, the market value of Medhat Khalil’s stake in Raya Holding has increased by $11.29 million in the past 29 days. This can be linked to renewed investors’ buying interest as market participants mopped up shares in the group.
Raya Holding, formed in 1999 due to a merger between entities owned by Medhat Khalil and Orascom Group, is 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.
The share price of Raya Holding on the Egyptian Exchange has experienced a significant 12.84-percent surge since July 27, rising from EGP2.18 ($0.0705) to EGP 2.46 ($0.08) at the time of reporting, thus pushing the market capitalization beyond $170 million.
This double-digit percent surge has caused the market value of Khalil’s stake in the group to rise from EGP2.72 billion ($87.87 million) on July 27 to EGP3.06 billion ($99.16 million) at the time of reporting, accruing a total gain of EGP348.79 million ($11.29 million) for the Egyptian multimillionaire in 29 days.
This remarkable surge solidifies his position as one of Egypt’s multimillionaires and one of the richest investors on the Egyptian Exchange.
The recent bump in his fortune followed a loss of $41.5 million between Jan. 1 and July 27, when the market value of his stake in the Egyptian group slumped from EGP3.9 billion ($129.4 million) to EGP2.7 billion ($87.8 million).
