Egyptian businessman Hani Berzi, who started the year with significant gains, is now facing substantial losses. The market value of his stake in Edita Food Industries has experienced a notable decline, amounting to millions of dollars.
According to Billionaires.Africa, the market value of Berzi’s stake in Edita Food has plunged by EGP555.08 million ($17.96 million) in the past 13 days, due to a decrease in the shares of the consumer goods conglomerate, as heightened selling pressures continue to impact the company’s valuation on the Egyptian Exchange
Edita Food shares decline by 5.51 percent, market cap slumps below $740 million
Edita Food Industries is a market leader in Egypt’s growing packaged snack food market. The consumer goods group manufactures and sells a variety of branded snack products through its extensive retail channel, including packaged cakes, croissants, rusks (baked wheat), and wafers.
In recent times, its shares on the local bourse have decreased by 5.51 percent, falling from EGP33.22 ($1.075) on Jan. 16 to EGP31.39 ($1.016). This decline has caused the group’s market capitalization to dip below $740 million, resulting in substantial losses for Hani Berzi and other shareholders.
Berzi’s stake in Edita Food dips below $310 million due to market fluctuations
Berzi, who founded the consumer goods conglomerate in 1996 and presently serves as chairman and managing director of the group, owns a significant 41.95-percent stake in the leading packaged food manufacturer through Quantum Invest BV.
In the face of tough market conditions, Berzi’s stake in Edta Foods has taken a hit, dropping by EGP555.08 million ($17.96 million). His holdings, which were worth EGP10.07 billion ($326.08 million) on Jan. 16, have fallen to EGP9.52 billion ($308.12 million) as of the current report.
Despite the recent slump in the market value of his stake, Berzi remains one of the richest investors on the Egyptian Stock Exchange. The present market value of his stake solidifies his standing as one of the richest businessmen in Egypt.
