The Egyptian billionaire Ghabbour family has recently witnessed a substantial increase in the market value of their equity stake in GB Corp, driven by the recent surge in the share price of the leading conglomerate on the Egyptian Exchange.
Data gathered by Billionaires.Africa revealed that the Ghabbour family’s stake in the Egypt-based automaker has surged by EGP 942.24 million ($30.49 million) since Oct. 15 as investors on the local bourse continue to increase their stakes in the group.
GB Corp shares rally 26 percent, market cap nears $200 million
Founded by the late Egyptian auto tycoon Raouf Ghabbour in 1985, GB Corp has emerged as a leading automobile distributor and assembler in the Middle East and North Africa.
Under the family’s leadership, the Egypt-based automaker has undertaken substantial expansion, recently culminating in a rebranding initiative to unite subsidiaries of the group, including GB Auto, GB Capital, GB Logistics, GB Ventures, GB Academy, and the Ghabbour Foundation for Development.
Since Oct. 15, GB Corp shares on the Egyptian Exchange have surged 25.99 percent — rising from EGP 5.31 ($0.1718) to EGP 6.69 ($0.2165) at the time of writing — thus pushing the group market cap closer to the $200-million mark and returning impressive gains to its shareholders, including the affluent Ghabbour family.
Ghabbour family’s stake in GB Corp soars beyond $145 million
The Ghabbour family presently holds a significant 62.9-percent stake in the automaker, equivalent to 682,779,500 ordinary shares, solidifying their position as one of the wealthiest investors on the Egyptian Exchange.
As a result of the double-digit percent surge in the automaker’s share price, the market value of the stake held by the affluent Ghabbour family soared from EGP3.63 billion ($117.33 million) on Oct. 15 to EGP4.57 billion ($147.82 million) at the time of writing — marking an impressive $30.5-million increase in their stakes within 40 days.
This impressive financial gain further solidifies the Ghabbour family’s position as one of the richest investors on the Egyptian Exchange.
