Egyptian billionaire Ghabbour family loses $32 million in 10 days

Yusuf Abdulfatai -

The Egyptian billionaire Ghabbour family, who commenced the year with impressive gains – have seen the market value of their stake in GB Corp slump by more than $32 million over the past 10 days – primarily due to a downturn in the shares of GB Corp.

According to data tracked by Billionaires.Africa, the Ghabbour family’s stake in the Egypt-based automaker has decreased by EGP1.0 billion ($32.48 million) since Jan. 22, reflecting a trend of investors reducing their holdings in the group.

GB Corp 15.4-percent share-slump, drive market cap below $310 million

Founded in 1985 by the late Egyptian auto magnate Raouf Ghabbour, GB Corp has become a key player in the automotive distribution and assembly sector across the Middle East and North Africa. Presently, the Ghabbour family holds a 62.9-percent stake in the company, solidifying their status as prominent investors on the Egyptian Exchange.

Under the family’s guidance, GB Corp has experienced significant growth, recently culminating in a rebranding effort to unify its subsidiaries, which include GB Auto, GB Capital, GB Logistics, GB Ventures, GB Academy, and the Ghabbour Foundation for Development.

Since Jan. 22, GB Corp shares on the Egyptian Exchange have declined by 15.47 percent, dropping from EGP9.50 ($0.307) to EGP8.03 ($0.259). This has resulted in a market capitalization below $310 million, leading to substantial financial losses for shareholders, including the affluent Ghabbour family.

Ghabbour family’s stake in GB Corp declines, slumps below $180 million

Due to a sharp drop in the automaker’s stock, the Ghabbour family’s stake has lost EGP1.003 billion ($32.48 million) in the last 10 days, pushing the market value of their holdings below the $180 million mark.

Stock market data shows their stake in GB Corp fell from EGP6.49 billion ($209.91 million) on Jan. 22 to EGP5.48 billion ($177.43 million) currently. Despite this decline, the family remains one of the wealthiest investors on the Egyptian stock exchange.