Egyptian businessman Medhat Khalil, the founder and chairman of Raya Holding – has seen a notable decline in the market value of his stake in the Egypt-based investment conglomerate – amidst recent fluctuations in the group’s share price on the Egyptian Exchange.
Over the past eight days, the market value of Khalil’s stake in Raya Holding has declined by EGP884.42 million ($28.62 million), as investors trim down their stakes in the group.
This decrease follows a notable gain of $23 million recorded between Jan. 22 and 27, when the market value of Khalil’s stake in Raya Holdings rose from EGP4.98 billion ($161.37 million) to EGP5.69 billion ($184.37 million).
Raya Holdings’ shares slump 13.8 percent, market cap sinks below $310 million
Raya Holding, formed in 1999 as a result of a merger between entities owned by Khalil and Orascom Group, plays a pivotal role in Egypt’s investment landscape. Khalil owns a majority stake of 58.1 percent in Raya Holding, holding a total of 1,245,661,205 shares.
In recent times, Raya Holding’s shares on the Egyptian Exchange have experienced a decline of 13.81 percent, dropping from EGP5.14 ($0.166) on Jan. 29 to EGP4.43 ($0.143) at the time of this report. Consequently, the company’s market capitalization has fallen below $310 million.
Khalil’s Raya Holding stake hits under $180 million
According to data tracked by Billionaires.Africa, the market value of Khalil’s stake in Raya Holding has decreased by EGP884.4 million ($28.6 million), falling from EGP6.4 billion ($207.19 million) on Jan. 29 to EGP5.5 billion ($178.6 million) at the time of writing.
Despite this recent downturn, Khalil remains a significant investor on the Egyptian Exchange and continues to be recognized among the country’s wealthiest individuals.
