Egyptian businessman Safwan Thabet has seen the market value of his investment in Juhayna Food Industries drop by more than $23 million over the past 57 days as the share price of the Egyptian dairy, juice, and cooking items maker continues to fall due to the sell-off of overpriced and overvalued shares on the Egyptian Exchange.
Data gathered by Billionaires.Africa revealed that Thabet’s stake in Juhayna Food Industries has decreased by EGP730.87 million ($23.65 million) since Aug. 8 as investors on the local bourse continue to reduce their stakes in the Egypt-based Agro-allied Industries.
Juhayna is a family-owned business that produces, processes, and packages dairy, juice, and cooking products. The company operates in five business segments in the food-processing and agro-allied industries.
Thabet, who founded the Egypt-based food products manufacturer nearly 38 years ago, owns a majority 50.07-percent stake in the company through Pharon Investments.
Since Aug. 8, Juhayna Food Industries’ shares on the Egyptian Exchange have slumped by 11 percent, declining from EGP14 ($0.4531) on Aug. 8 to EGP 12.46 ($0.4032) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders, including Thabet.
As a result of the double-digit percent slump in the group’s share price, the market value of the stake held by Thabet has slumped by EGP730.87 million ($23.65 million) in a span of 57 days, falling from EGP6.64 billion ($215.03 million) on Aug. 8 to EGP 5.91 billion ($191.38 million) at the time of writing.
Despite the slump in the market value of Thabet’s stake and the decline in the share price of Juhayna, the businessman remains one of the richest investors on the Egyptian Exchange and one of the wealthiest individuals with active business interests in the consumer goods industry.
