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Egyptian billionaire Yasseen Mansour has witnessed a significant increase in his stake in Palm Hills Developments over the past 12 weeks as the Cairo-based real estate firm experiences a remarkable upswing.
According to data tracked by Billionaires.Africa the market value of Mansour’s stake in Palm Hills Developments has surged by EGP135.5 million ($4.4 million) since August 10 as investors on the local bourse continue to increase their stakes in the Egypt-based real estate developer.
Mansour suffered a loss of $1.5 million between Jan. 1 and Aug. 10, when his stake in Palm Hills declined from EGP447.06 million ($14.47 million) to EGP400.54 million ($12.96 million). However, the recent events have put him back on a positive trajectory.
Palm Hills Development, an operating subsidiary of Egypt’s largest conglomerate, Mansour Group, is a well-known real estate developer with active investments in Egypt. The company develops integrated residential, commercial, and resort communities.
Mansour, the chairman of Palm Hills Development and one of Egypt’s and Africa’s wealthiest individuals owns a substantial 6.87-percent stake, which translates to 202,291,698 ordinary shares in the Cairo-based real estate firm.
Over the past 12 weeks, the company’s shares on the Egyptian Stock Exchange have increased by 33.84 percent, rising from EGP1.98 ($0.064) on Aug. 10 to EGP2.65 ($0.086) at the time of writing.
This surge has propelled the firm’s market capitalization beyond the $250-million mark, cementing its position as a leading player in the Egyptian real estate industry.
As a result of the recent surge in the company’s share price, Mansour’s stake in the group has seen a significant increase, rising from EGP 400.54 million ($12.94 million) on Aug. 10 to an impressive EGP 536.07 million ($17.3 million) at the time of writing.
