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The El-Sewedy family, Egypt’s newest billionaire family, has witnessed a substantial increase in their fortune, with a staggering $374 million added to their joint stake in Elsewedy Electric over the past 25 days, thanks to the recent surge in the company’s shares on the Egyptian Exchange.
The El-Sewedy family’s latest financial milestone followed a temporary setback when they experienced a loss of $76 million between Sept. 25 and Oct. 3. During that period, the market value of their stake in Elsewedy Electric declined from EGP35.17 billion ($1.137 billion) to EGP32.82 billion ($1.06 billion).
According to data tracked by Billionaires.Africa, the market value of El-Sewedy family’s stake in Elsewedy Electric has surged by EGP11.55 billion ($374.18 million) in the past 25 days, as investors continue to show strong interest in the company’s shares on the local bourse.
Established in 1938 by the El-Sewedy family, Elsewedy Electric is a well-known player in the electrical equipment manufacturing industry. The company has played a pivotal role in numerous electrical projects across the Middle East and North Africa.
Ahmed El-Sewedy and his siblings, Sadek and Mohammed, jointly own a majority stake of 68.1 percent in the company, equivalent to a staggering 1,478,358,330 ordinary shares.
The recent surge in the company’s shares on the Egyptian Exchange is nothing short of remarkable, with shares skyrocketing by 35.24 percent over the past 25 days, rising from EGP22.16 ($0.718) on October 3 to EGP29.97 ($0.971) at the time of drafting this report.
As a result of this recent surge in the company’s shares, the market value of the El-Sewedy family’s joint stake in Elsewedy Electric has increased from EGP32.76 billion ($1.06 billion) on Oct. 3 to EGP44.31 billion ($1.44 billion) as of October 28.
This equates to a remarkable gain of EGP11.55 billion ($374.18 million) for the billionaire family. The surge in the El-Sewedy family’s stake solidifies their position as one of Egypt’s most affluent families.
