Egyptian businessman Medhat Khalil, founder and chairman of Raya Holding, has recorded a substantial increase in the market value of his stake in the Egypt-based investment conglomerate, thanks to a recent upswing in the group’s shares on the Egyptian Exchange.
Data compiled by Billionaires.Africa reveals that the market value of Khalil’s stake in Raya Holding has increased by $3.2 million in just 12 days, as investors continue to acquire stakes in Raya Holding.
This recent gain follows a loss of $8.5 million that Khalil suffered between Aug. 25 and Sept. 28, when the market value of his stake in Raya Holding declined from EGP 3.06 billion ($99.18 million) to EGP 2.8 billion ($90.7 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.
Egyptian tycoon Medhat Khalil’s stake in Raya Holding is now worth $88 million
The share price of Raya Holding on the Egyptian Exchange has experienced a 3.81-percent surge since Oct. 9, rising from EGP2.10 ($0.068) to EGP 2.18 ($0.071) at the time of reporting, thus pushing the market capitalization beyond $150 million.
This single-digit percent surge in the group’s shares has caused Khalil’s stake in the conglomerate to increase by EGP99.65 million ($3.2 million) in recent times, from EGP2.62 billion ($84.80 million) on Oct. 9 to EGP2.72 billion ($88.04 million) at the time of writing this report.
This remarkable surge solidifies his position as one of Egypt’s leading multimillionaires and one of the richest investors on the Egyptian Exchange.
