The wealthy Khamis family of Egypt — renowned for their pivotal role in the carpet industry — has lost $19.2 million in the market value of their joint interest in Oriental Weavers, as sustained selling pressures on the Egyptian Stock Exchange led to a significant decline in the company’s share price.
According to data tracked by Billionaires.Africa the market value of the Khamis family’s stake in Oriental Weavers has declined by EGP594.58 million ($19.24 million) over the past 17 days as investors on the local bourse continue to decrease their stakes in the Cairo-based group.
This recent slump comes on the heels of the $21.3 million gain they recorded between Sept. 13 and Nov. 22 — when the market value of their stake in Oriental Weavers surged from EGP6.19 billion ($200.33 million) to EGP6.85 billion ($221.65 million).
Oriental Weavers shares slump by 8.29 percent, resulting in losses for shareholders, including the Khamis family
The Khamis family — one of Egypt’s wealthiest — presently holds a majority stake in Oriental Weavers, a leading carpet manufacturer with a global presence. The company’s products are sold in more than 150 countries, solidifying its position as a key player in the MENA region.
Since Nov. 27, shares in the leading carpet manufacturer on the Egyptian Exchange have fallen from EGP19.07 ($0.617) to EGP17.49 ($0.566) per share — resulting in an 8.29-percent decline in the company’s valuation and accruing losses amounting millions of dollars to shareholders, including the affluent Khamis family.
Khamis family stake in Oriental Weavers’ slump below $215 million
Members of the renowned Egyptian family — which includes leading business executive Yasmine Mohamed Khamis and her siblings — own a 56.58-percent controlling interest in the leading Cairo-based carpet manufacturer, which has production facilities in three countries.
As a result of the decline in the company’s shares, the market value of the Khamis family’s stake in Oriental Weavers has decreased from EGP7.18 billion ($232.25 million) on Nov. 27 to EGP6.58 billion ($213.00 million) at the time of drafting this report.
This translates to a total loss of EGP594.58 million ($19.24 million) for the multimillionaire family. However, despite the recent decline in the market value of their shares in the carpet manufacturing company, the Khamis family remains one of the wealthiest families in Egypt.