After recording a $28.6 million loss between Jan. 29 and Feb. 7, Egyptian businessman Medhat Khalil has added millions of dollars to his fortune in recent times thanks to his investment in Raya Holdings, a Cairo-based investment conglomerate.
According to stock market data, Khalil’s stake in Raya Holdings has gained EGP1.05 billion ($21.14 million) in the past 10 days, attributed to the upswing in the group’s shares on the Egyptian Exchange, underscoring investors’ sustained interest in the conglomerate.
Raya Holdings’ shares slump 20.1 percent, market cap sinks below $220 million
Raya Holdings, formed in 1999 as a result of a merger between entities owned by Khalil and Orascom Group, is an investment conglomerate managing a diversified investment portfolio, and it plays a pivotal role in Egypt’s investment landscape.
Egyptian businessman Medhat Khalil, the founder and chairman of Raya Holding holds a majority stake of 58.1 percent in the Cairo-based investment conglomerate, equivalent to 1,245,661,205 shares.
In recent times, its shares on the Egyptian Exchange have risen by 20.1 percent, increasing from EGP4.18 ($0.084) on Feb. 25 to EGP5.02 ($0.101) at the time of this report, thus leading to gains amounting to millions of dollars for its shareholders, including Khalil.
Medhat Khalil’s Raya Holding stake surges above $125 million
As a result of the double-digit percent hike in the group’s share price, the market value of the stake held by the Egyptian business magnate has increased by EGP1.05 billion ($21.14 million) in the past 10 days, from EGP5.21 billion ($105.19 million) to EGP6.25 billion ($126.33 million).
The recent surge in his stake in Raya Holdings has significantly boosted his multimillion-dollar fortune in Raya Holding and established his position as one of the affluent investors on the Egyptian Exchange and one of the country’s wealthiest individuals.
