The wealthy Khamis family of Egypt — renowned for their pivotal role in the carpet industry — has lost millions of dollars from joint interest in Oriental Weavers, as selling pressures on the Egyptian Exchange triggered a significant decline in the company’s share price.
According to stock market data retrieved from the Egyptian Exchange, the market value of the Khamis family’s stake in Oriental Weavers has declined by nearly $70 million over the past 5 days as investors on the local bourse continue to decrease their stakes in the group.
This recent slump comes on the heels of the $38.7 million gain recorded between Feb. 6 and Feb. 17, when their stake 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).
Oriental Weavers shares slump by 22.5 percent, resulting in losses for shareholders
The Khamis family — one of Egypt’s wealthiest families— 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.
Since Feb. 22, shares in the carpet manufacturer have fallen from EGP22.35 ($0.723) to EGP19.65 ($0.636) — resulting in a 22.5-percent decline in the company’s valuation and accruing losses amounting to millions of dollars to shareholders.
Khamis family stake in Oriental Weavers’ slumps below $240 million
Members of the Khamis family — which includes leading business executive Yasmine Mohamed Khamis and her siblings — own a 56.58-percent controlling interest in the leading Cairo-based carpet manufacturer, which has production facilities in three countries.
As a result of the decline in the company’s shares, the market value of the Khamis family’s stake in Oriental Weavers has decreased by EGP2.15 billion ($69.42 million) from EGP 9.54 billion ($308.72 million) on Feb. 22 to EGP 7.39 billion ($239.31 million)
Despite the recent $69 million decline in the market value of their stake, the family maintains their position among Egypt’s wealthiest families and leading investors.
