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Adding to their already significant fortune, the Egyptian billionaire Ghabbour family has recorded another impressive increase in the market value of their stake in GB Corp — thanks to the recent upswing in the share price of the leading conglomerate on the Egyptian Exchange.
The market value of the 62.9-percent stake held by the affluent Ghabbour family’s stake in the Egypt-based automaker has surged by EGP 1.51 billion ($49.01 million) since Nov. 23 as investors on the local bourse continue to increase their stakes in the group.
GB Corp 33.18-percent shares surge propel market cap above $300 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 the 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 Nov. 23, GB Corp shares on the Egyptian Exchange have surged 33.18 percent — rising from EGP 6.69 ($0.216) to EGP 8.91 ($0.288) at the time of writing — thus pushing the group market cap above the $300-million mark and returning impressive gains to its shareholders, including the affluent Ghabbour family.
Ghabbour family stake hits over $195 million mark thanks to recent market gains
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.
According to data tracked by Billionaire.Africa, the recent surge in the group’s shares has impacted the market value of the stake held by the affluent Ghabbour family, with their shares soaring from EGP4.57 billion ($147.7 million) on Nov. 23 to EGP6.08 billion ($196.72 million) at the time of writing — marking an impressive $49.0-million gain in just 22 days.
This impressive financial gain further solidifies the Ghabbour family’s position as one of the richest investors on the Egyptian Exchange — marking a significant milestone in their continued success on the Egyptian Exchange.
