Egyptian businessman Medhat Khalil, the founder and chairman of Raya Holding, has experienced a substantial decline in net worth after losing millions of dollars due to the sharp decrease in the market value of his stake in the Egypt-based investment conglomerate.
According to data compiled by Billionaires.Africa, the market value of Khalil’s stake in Raya Holding has declined by $8.5 million over the past 34 days as investors trim down their stakes in Raya Holding.
This downturn comes on the heels of a remarkable $11-million boost between July 27 and Aug. 25, when the market value of his stake surged from EGP 2.72 billion ($87.87 million) to EGP 3.06 billion ($99.16 million).
Raya Holding, formed in 1999 due to a merger between entities owned by 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 an 8.54-percent decline since Aug. 25, falling from EGP2.46 ($0.079) to EGP 2.25 ($0.073) at the time of reporting, thus pushing the market capitalization below $160 million.
Consequently, the market value of Khalil’s shares in the conglomerate has declined by $8.5 million, dropping from EGP 3.06 billion ($99.18 million) on Aug. 25 to EGP 2.8 billion ($90.7 million) at the time of writing this report.Â
Despite these challenges, Khalil, renowned for his unwavering commitment to growth and innovation, remains one of the wealthiest investors on the Egyptian Exchange.
