Egypt’s El-Sewedy family hits jackpot with $1.6-billion stake in electric firm

The El-Sewedy family, renowned as one of Egypt’s billionaire families, has witnessed a significant increase in their wealth. Their combined stake in Elsewedy Electric has surged to $1.6 billion, driven by a recent rise in the company’s shares on the Egyptian Exchange.

According to Billionaires.Africa, the market value of the El-Sewedy family’s share in Elsewedy Electric has gained EGP4.02 billion ($129.96 million) in the last two weeks. The recent surge is driven by growing investor interest in the Cairo-based group.

Elsewedy Electric’s shares soar by 8.84 percent, market cap surpasses $2.3 billion

Founded in 1938 by the El-Sewedy family, Elsewedy Electric has played a pivotal role in the electrical equipment manufacturing sector, contributing significantly to various projects across the Middle East and North Africa.

Over the past 14 days, Elsewedy Electric shares have increased by 8.84 percent, climbing from EGP30.78 ($0.995) on Feb. 6 to EGP33.50 ($1.083). This boost has propelled its market cap above $2.3 billion, with shareholders reaping millions of dollars in gains in the last two weeks.

El-Sewedy family’s wealth surges by $130 million as El-Sewedy Electric shares soar

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.

As a result of the recent surge in the company’s shares, the market value of the family’s joint stake has surged by EGP4.02 billion ($129.96 million), rising from EGP45.5 billion ($1.47 billion) on Feb. 6 to EGP49.53 billion ($1.6 billion) at the time of drafting this report.

This surge in the market value of the family’s stake further solidifies their standing as one of Egypt’s billionaire families and prominent investors on the Egyptian Exchange.