Hisham Talaat Moustafa, one of Egypt’s wealthiest businessmen, has seen a significant bump in his net worth driven by an increase in his equity holdings in TMG Holding.
Data gathered by Billionaires.Africa revealed that Moustafa’s stake in the Cairo-based real estate holding company has significantly surged by EGP4.01 billion ($124.46 million) in the past 145 days due to bullish pressures on the Egyptian Exchange, which have triggered a surge in TMG’s shares.
TMG Holding is a leading force in Egypt’s real estate industry, with a long history dating back to its inception in 1974.
Over the years, the company has grown to become one of the largest real estate holdings in Egypt, thanks to the visionary leadership of Hisham Talaat Moustafa. With a 43.16-percent stake in TMG, Moustafa is among the richest investors on the Egyptian Exchange.
So far this year, TMG shares on the Egyptian Exchange have returned impressive value to its investors, and in the past 145 days, the share price of the real estate holding company has increased by 46.22 percent, climbing from EGP 9.16 ($0.2964) on May 6 to EGP13.66 ($0.4421) at the time of drafting this report, thus returning gains amounting to millions of dollars for its shareholders, including the affluent Moustafa.
As a result of the double-digit percent surge in the group’s share price, the market value of the stake held by Moustafa has surged by EGP4.01 billion ($124.46 million) since the start of the year climbing from EGP8.16 billion ($269.26 million) on May 6 to EGP12.17 billion ($393.72 million) on September 28, cementing his status as one of the wealthiest investors on the Egyptian Exchange.