Egyptian businessman, Medhat Khalil — founder and chairman of Raya Holding — has recorded a significant surge in the market value of his stake in the Egypt-based investment conglomerate driven by the recent upswing in the group’s shares on the Egyptian Exchange.
The market value of Khalil’s stake in Raya Holding has surged by $18.95 million over the past two weeks, as investors continue to increase their holdings in Raya Holding.
This impressive increase comes on the heels of an $11.7 million gain recorded between Oct. 21 and Nov. 15, when the market value of his stake in Raya Holdings soared from EGP2.72 billion ($87.89 million) to EGP3.08 billion ($99.58 million).
Raya Holding shares soar 19 percent, market cap surges above $200 million
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 increased by 19.43-percent over the past 15 days, rising from EGP2.47 ($0.079) on Nov. 15 to EGP 2.94 ($0.095) at the time of reporting, thus propelling the group’s market capitalization above $200 million.
Medhat Khalil’s Raya Holding stake surges above $110 million
Data tracked by Billionaires.Africa revealed that the market value of Khalil’s stake in the conglomerate has increased by EGP585.46 million ($18.95 million) over the past two weeks, from EGP3.08 billion ($99.56 million) on Nov. 15 to EGP3.66 billion ($118.51 million) at the time of writing this report.
The recent surge in his stake in Raya Holdings, which adds significantly to his multimillion-dollar fortune, cements his position as one of the high-value investors on the Egyptian Exchange and one of the country’s wealthiest individuals.