Egyptian tycoon Medhat Khalil, founder and chairman of Raya Holding, has experienced a substantial increase in his net worth, gaining millions of dollars as a result of the sharp increase in the market value of his stake in the Egypt-based investment conglomerate.
According to data tracked by Billionaires.Africa, the market value of Khalil’s stake in Raya Holding has increased by $11.7 million in the past 25 days, this can be linked to renewed investors buying interest as they mop up shares in the group.
Raya Holding surges 13.3 percent on EGX: Medhat Khalil’s stake gains $11.7 million in 25 days
Raya Holding, formed in 1999 as a result of a merger between entities owned by Khalil and Orascom Group, stands as 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.
The share price of Raya Holding on the Egyptian Exchange has experienced a significant 13.30 percent surge since October 21, rising from EGP2.18 ($0.0706) to EGP 2.47 ($0.080) at the time of reporting, thus pushing the market capitalization beyond $170 million.
Medhat Khalil’s wealth skyrockets: Market surge and higher profit elevate Raya Holding’s success
This double-digit percent surge has caused the market value of Khalil’s stake in the group to rise from EGP2.72 billion ($87.89 million) on Oct. 21 to EGP3.08 billion ($99.58 million) at the time of reporting, accruing a total gain of EGP361.24 million ($11.69 million) for the Egyptian multimillionaire in 25 days.
The recent remarkable surge in the market value of Medhat Khalil’s stake not only cements his standing as one of the most prosperous investors in the Egyptian Exchange but also firmly establishes him among the nation’s wealthiest individuals.
Under the leadership of Khalil, Raya Holding achieved an impressive 105.95-percent surge in profits during the first half of 2023. The figures soared from EGP 170.13 million ($5.5 million) in H1 2022 to an outstanding EGP 350.4 million ($11.34 million), underscoring its position as one of Egypt’s most lucrative conglomerates.
