Hisham Talaat Moustafa, a leading Egyptian businessman and one of the country’s wealthiest individuals, is on the verge of becoming a billionaire by the end of the year as his stake in TMG Holding passes the $717-million mark.
According to data tracked by Billionaires.Africa, Moustafa’s stake in the Cairo-based real estate holding company has increased by EGP9.93 billion ($322.27 million) in the past 53 days thanks to bullish pressures on the Egyptian Exchange which have triggered a surge in TMG shares.
TMG Holding is a leading force in Egypt’s real estate industry, with a long history dating back to its inception in 1974. Over the years, the company has grown to become one of the largest real estate holdings in Egypt, thanks to the visionary leadership of Moustafa.Â
TMG market cap hits $1.6 billion as shares Surges 81.63 percent in 53-day rally
Moustafa is not only one of the wealthiest investors on the Egyptian Exchange, but also one of the wealthiest people in North Africa, thanks to his 43.16-percent investment in TMG, which amounts to 890,633,483 ordinary shares.
Over the past 52 days, TMG shares on the Egyptian Exchange have surged by 81.63 percent, rising from EGP13.66 ($0.4433) on Sept. 28 to EGP24.81 ($0.8047) at the time of drafting this report. This upswing in the real estate holdings’ share price has propelled its market capitalization beyond the $1.6 billion mark.
Hisham Talaat Moustafa’s stake jumps $322 million in 53 days
As a result of the double-digit percent spike in the group’s share price, the market value of the stake held by Moustafa has surged by EGP9.93 billion ($322.27 million) during the past 52 days from EGP12.17 billion ($394.82 million) on Sept. 28 to EGP22.10 billion ($717.09 million) on Nov. 20
Along with this market momentum, the substantial increase in the market value of Moustafa’s share not only strengthens his reputation as a high-value investor on the Egyptian Exchange but also as one of the wealthiest individuals in the country.
