The Ghabbour family, prominent Egyptian billionaires, have experienced a noteworthy surge of $21.66 million in their stake in GB Corp over the past two weeks. This is linked to the recent increase in the conglomerate’s share price on the Egyptian Exchange.
According to data tracked by Billionaires.Africa, the Ghabbour family’s share in the Egypt-based automaker has risen by EGP 669.12 million ($21.65 million) since the beginning of the year. Local investors continue to bolster their positions in the group.
Beyond the auto realm: GB Corp’s holistic vision for development
Established in 1985 by the late auto tycoon Raouf Ghabbour, GB Corp has become a leading automobile distributor and assembler in the Middle East and North Africa. The Ghabbour family currently commands a 62.9-percent stake in the automaker, solidifying their status as one of the most affluent investors on the Egyptian Exchange.
Under the family’s guidance, GB Corp has undergone significant expansion, recently culminating in a rebranding initiative to unify the group’s units, including GB Auto, GB Capital, GB Logistics, GB Ventures, GB Academy, and the Ghabbour Foundation for Development.
GB Corp shares on the Egyptian Exchange have surged by 12.07 percent since the year began, rising from EGP 8.12 ($0.263) to EGP 9.10 ($0.295). This increase has resulted in substantial gains for shareholders, including the affluent Ghabbour family.
Ghabbour family’s wealth surges: GB Corp stake jumps $21.65 million in 14 days
As a result of the recent surge in the group’s shares, the Ghabbour family who holds a 62.9-percent stake in the automaker, equivalent to 682,779,500 ordinary shares, have seen their stake in GB Corp grow from EGP 5.54 billion ($179.42 million) to EGP 6.21 billion ($201.08 million) at the time of writing, translating to total gains of EGP 669.12 million ($21.65 million) in just 14 days.
This financial gain further cements the Ghabbour family’s standing as one of the wealthiest investors on the Egyptian Exchange. It also underscores their enduring success as key players in the Egyptian automotive industry and the broader regional business landscape.