The wealthy Khamis family of Egypt, known for their contributions to the carpet industry, has recently gained a noteworthy increase of almost $55 million in the last 17 days through their investment in Oriental Weavers, a leading global manufacturer of machine-made carpets.
According to Billionaires.Africa, the Khamis family’s share in Oriental Weavers has gained EGP1.69 billion ($54.8 million) in the past 17 days. This surge is fueled by increased investor interest in the Cairo-based group on the local stock exchange.
Oriental Weavers shares surge by 25.04 percent, market cap exceeds $480 million
In the last 17 days, Oriental Weavers shares on the Egyptian Exchange surged by 25.04 percent, climbing from EGP17.97 ($0.582) on Jan. 15 to EGP22.47 ($0.727). This boost propelled its market cap beyond $480 million. Shareholders have reaped multimillion-dollar gains from this upward trend.
The Khamis family, one of Egypt’s wealthiest families, 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.
Yasmine Khamis and siblings witness $54.8-million surge in family’s controlling stake
Members of the 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.
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 EGP1.69 billion ($54.8 million), rising from EGP6.76 billion ($218.85 million) on Jan. 15 to EGP8.46 billion ($273.65 million) at the time of drafting this report.