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Egyptian businessman Hani Berzi, who had been riding high on substantial gains since the start of the year, is now grappling with significant losses as the market value of his stake in Edita Food Industries takes a sharp decline.
Data gathered by Billionaires.Africa revealed that the market value of Berzi’s stake in Edita Food has dropped by EGP376.12 million ($12.15 million) in just 20 days due to a decline in the shares of the consumer goods conglomerate, as heightened selling pressures continue to impact the company’s valuation on the Egyptian Stock Exchange.
Edita Food Industries is a market leader in Egypt’s growing packaged snack food market. The consumer goods group manufactures and sells a variety of branded snack products through its extensive retail channel, including packaged cakes, croissants, rusks (baked wheat), and wafers.
Berzi, who founded the consumer goods conglomerate in 1996 and presently serves as chairman and managing director of the group, owns a significant 41.95-percent stake in the leading packaged food manufacturer through Quantum Invest BV.
Edita Foods shares on the local bourse have decreased by 5.84 percent, from EGP21.24 ($0.686) on Sept. 6 to EGP20 ($0.646) at the time of drafting this report. This slump has resulted in substantial losses for Hani Berzi and fellow shareholders within the group.
For Berzi, the adverse market conditions have resulted in an EGP376.12 million ($12.15 million) decrease in the market value of his stake in Edta Foods. His holdings, valued at Ksh6.44 billion ($208.16 million) on Sept. 6, have declined to EGP6.07 billion ($196.01 million) at the time of drafting this report.
Despite the recent slump in the market value of his stake, Berzi remains one of the richest investors on the Egyptian Stock Exchange. The present market value of his stake makes him one of the richest businessmen in Egypt.
