After a notable $100 million increase in their combined wealth, the El-Sewedy family, among Egypt’s affluent, has experienced a downturn, witnessing a decrease of more than $125 million in the market value of their stake in Elsewedy Electric over the past six days.
The El-Sewedy family’s share in Elsewedy Electric has seen a decline of EGP3.9 billion ($126.29 million) over the past six days, primarily due to the recent drop in the company’s shares on the Egyptian Exchange.
This comes after a notable gain of $100 million between Jan. 8 and 20, during which the family’s collective stake in Elsewedy Electric rose from EGP44.03 billion ($1.43 billion) to EGP47.1 billion ($1.52 billion).
Elsewedy Electric shares slump 7.5 percent, pushing market cap below $2.3 billion
Established in 1938 by the El-Sewedy family, Elsewedy Electric is a well-known player in the electrical equipment manufacturing industry. The company has played a pivotal role in numerous electrical projects across the Middle East and North Africa.
Ahmed El-Sewedy and his siblings, Sadek and Mohammed, hold a controlling and beneficial stake of 68.1 percent in the company, equivalent to a total of 1,478,358,330 ordinary shares.
In recent times, the company’s shares on the Egyptian Exchange have declined 7.58 percent — falling from EGP34.81 ($1.126) on Jan. 30 to EGP32.17 ($1.041) at the time of drafting this report — causing the company’s market capitalization to fall below the $2.3-billion mark.
Egypt’s billionaire El-Sewedy family’s holdings slump below $1.6 billion
According to data tracked by Billionaires.Africa, the market value of the El-Sewedy family’s joint shareholding in Elsewedy Electric has decreased from EGP51.46 billion ($1.66 billion) on Jan. 30 to EGP47.59 billion ($1.54 billion) at the time of writing this report.
Despite this financial setback of EGP3.9 billion ($126.29 million), the El-Sewedy family maintains their position as one of Egypt’s leading billionaire families and continues to be among the richest investors on the local bourse.