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The Egyptian billionaire Ghabbour family has recently recorded a significant increase in the market value of their equity stake in GB Corp, driven by the recent upswing in the share price of the leading conglomerate on the Egyptian Exchange.
According to data tracked by Billionaires.Africa, Ghabbour family’s stake in the Egypt-based automaker has increased by EGP361.87 million ($11.71 million) since Feb. 12 as investors on the local bourse continue to show heightened interest in the group.
GB Corp shares soar by 6.84 percent, market capitalization nears $300-million mark
Founded by the late Egyptian auto tycoon Raouf Ghabbour in 1985, GB Corp has emerged as a leading automobile distributor and assembler in the Middle East and North Africa.
Under the Ghabbour family’s leadership, the Egypt-based automaker has undertaken substantial expansion, recently culminating in a rebranding initiative to unite subsidiaries of the group, including GB Auto, GB Capital, GB Logistics, GB Ventures, GB Academy, and the Ghabbour Foundation for Development.
Since Feb. 12, GB Corp shares on the Egyptian Exchange have risen by 6.84 percent — rising from EGP 7.75 ($0.251) to EGP 8.28 ($0.268) at the time of writing — thus pushing the group’s market cap above $290 million, and delivering notable gains to its shareholders, including the affluent Ghabbour family.
Ghabbour family’s GB Corp stake surpasses $180 million
The Ghabbour family presently holds a significant 62.9-percent stake in the automaker, equivalent to 682,779,500 ordinary shares, solidifying their position as one of the wealthiest investors on the Egyptian Exchange.
The recent uptick in the automaker’s share price has resulted in a remarkable increase in the market value of the Ghabbour family’s stake, soaring from EGP5.29 billion ($171.23) on Feb. 12 to EGP5.63 billion ($182.947) at the time of this report, marking an impressive $11.7-million increase in just three days.
This impressive financial gain further cements the Ghabbour family’s status as one of the richest investors on the Egyptian Exchange, underlining their enduring influence in Egypt’s corporate landscape.
