Egyptian businessman Medhat Khalil, founder and chairman of Raya Holding, has recorded a substantial surge in the market value of his stake in the Egypt-based investment conglomerate, attributed to the recent upswing in the group’s shares on the Egyptian Exchange.
According to data tracked by Billionaires.Africa, the market value of Khalil’s stake in Raya Holding has soared by $37.89 million in the past 10 days, thanks to renewed investors buying interest as they mop up shares in the group.
Raya Holding’s meteoric 34.9-percent surge elevates market cap above $250 million
Raya Holding, formed in 1999 as a result of a merger between entities owned by Khalil and Orascom Group, plays a pivotal role in Egypt’s 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 significantly by 34.94 percent since Jan. 1 – climbing from EGP2.69 ($0.087) to EGP 3.63 ($0.117) at the time of reporting – thus pushing the market capitalization above $250 million.
Khalil’s Raya Holding stake soars above $145 million
This double-digit surge caused the market value of Khalil’s stake to rise from EGP3.35 billion ($108.45 million) on Jan. 1 to EGP4.52 billion ($146.34 million) — accumulating a total gain of EGP1.17 billion ($37.89 million) for the Egyptian multimillionaire in just 10 days.
The recent upswing in Khalil’s stake not only solidifies his position as one of the most successful investors on the Egyptian Exchange but also cements his sit among the nation’s wealthiest individuals.
The bump in Raya Holding’s shares follows the acquisition of a significant 27.69 percent stake (23.9 million shares) in Ostool Transport and Logistics Company. This aligns with the group’s strategy to expand its presence in Egypt’s investment sector, boosting its ownership to an impressive 90 percent.
