The wealthy Khamis family of Egypt — renowned for their pivotal role in the carpet industry — has recorded nearly $13 million from their stake in Oriental Weavers in the first 15 days of the new year.
The recent upswing on the Egyptian Exchange stems from continuous buying activity, primarily fueling the increase in Oriental Weavers shares. This surge has resulted in a significant financial gain for the Egyptian multimillionaire family, amounting to millions of dollars.
According to Billionaires.Africa, the market value of the Khamis family’s stake in Oriental Weavers has increased by EGP398.89 million ($12.91 million) since the start of the year as investors on the local bourse continue to increase their stakes in the Cairo-based group.
Oriental Weavers shares surge by 6.27 percent, market cap nears $400-million mark
The Khamis family, one of Egypt’s wealthiest, currently 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.
Members of the renowned Egyptian family — which includes leading business executive Yasmine Mohamed Khamis and her siblings, maintain a controlling interest of 56.58 percent in the leading Cairo-based carpet manufacturer, which has production facilities in three countries.
Since the beginning of the year, Oriental Weavers shares on the Egyptian Exchange have experienced a 6.27-percent increase, rising from EGP16.91 ($0.547) on Jan. 1 to EGP17.97 ($0.582) — thus pushing its market cap above $380 million at the time of writing. This upward movement has translated into multimillion-dollar gains for the shareholders.
Khamis family’s stake in Oriental Weavers soars above $200 million
As a result of the recent percent bump in share price, the market value of the stake held by the Khamis family has surged by EGP398.89 million ($12.91 million), rising from EGP6.36 billion ($205.95 million) on Jan. 1 to EGP6.76 billion ($218.86 million) at the time of writing.
The recent surge in the market value of their stake in Oriental Weavers reinforces their status among Egypt’s wealthiest families and top investors on the Egyptian Exchange.