The Egyptian billionaire Ghabbour family has seen the market value of their equity stake in GB Corp slump by more than $26 million over the past 43 days due to a significant decline in the share price of the group.
Data gathered by Billionaires.Africa revealed that the Egyptian billionaire Ghabbour family’s stake in the Egypt-based automaker has slumped by EGP 805.68 million ($26.03 million) since August 2 as investors on the local bourse continue to reduce their stakes in the group.
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 currently 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 the group’s subsidiaries, including GB Auto, GB Capital, GB Logistics, GB Ventures, GB Academy, and the Ghabbour Foundation for Development.
Since Aug. 2, GB Corp shares on the Egyptian stock exchange have slumped by 17.38 percent, declining from EGP 6.79 ($0.2195) on Aug. 2 to EGP 5.61 ($0.1813) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders, including the affluent Ghabbour family.
As a result of the double-digit percent slump in the automaker’s share price, the market value of the stake held by the affluent Ghabbour family has slumped by EGP805.68 million ($26.03 million) in 43 days, falling from EGP4.64 billion ($149.81 million) Aug. 2 to EGP 3.83 billion ($123.78 million) at the time of writing.
Despite the recent downturn, the family remains one of the richest investors on the Egyptian stock exchange.
