The wealthy Khamis family in Egypt, known for their significant contributions to the carpet industry, has seen a notable increase of over $38 million in their stake in Oriental Weavers in just eleven days. This surge comes as value investors actively acquire shares, propelling the company’s stock price above crucial technical thresholds on the Egyptian Exchange.
The surge on the Egyptian Exchange is driven by consistent buying, notably boosting Oriental Weavers shares. This uptrend has translated into significant financial gains, totaling millions for a prominent Egyptian multimillionaire family.
According to data tracked by Billionaires.Africa, the market value of the Khamis family’s stake in Oriental Weavers has risen by EGP1.19 billion ($38.74 million) in recent times as investors on the local bourse continue to increase their stakes in the Cairo-based group.
Oriental Weavers’ market cap exceeds $515 million amid 15.25-percent surge in shares
The Khamis family, one of Egypt’s wealthiest, presently 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.
Members of the renowned 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.
In recent times, Oriental Weavers shares on the Egyptian Exchange recently surged by 15.25 percent, climbing from EGP20.79 ($0.675) on Feb. 6 to EGP23.96 ($0.778). This boost pushed the market cap above $515 million, resulting in significant gains for shareholders.
Oriental Weavers: Khamis family’s investment surpasses $290 million
As a result of the double-digit percent boost in share price, the market value of the stake held by the Khamis family has soared by EGP1.19 billion ($38.74 million), climbing from EGP7.82 billion ($254.06 million) on Feb. 6 to EGP9.02 billion ($292.79 million).
The recent increase in the market value of their stake in Oriental Weavers underscores their position among Egypt’s wealthiest families and leading investors on the Egyptian Exchange.
