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Egyptian businessman Hani Berzi suffered a setback as the value of his stake in Edita Foods Industries took a hit, dropping by around $207 million. This decline was driven by the recent devaluation of the Egyptian pound by the Central Bank of Egypt (CBE) and a dip in Edita’s shares.
According to data tracked by Billionaires.Africa, the market value of Berzi’s stake in Edita Food Industries has declined by $206.97 million since Feb. 25, due to the recent devaluation of the Egyptian pound, spurred by the Central Bank of Egypt’s (CBE) adoption of a more market-oriented exchange rate system.
Devaluation hits founder’s holdings, dropping by $207 million
Edita Food Industries leads Egypt’s expanding packaged snack food market. The company produces and distributes various branded snack items such as cakes, croissants, rusks, and wafers through its broad retail network.
Berzi — who founded the consumer goods conglomerate in 1996 and serves as chairman and managing director — owns a significant 41.95-percent stake, which is equivalent to 303,323,015 ordinary shares in the leading packaged food manufacturer through Quantum Invest BV.
This devaluation, coupled with a significant 21.05 percent decline in Edita Foods’ share price on the Egyptian Exchange, has led to a decrease in the value of Berzi’s stake. His holdings have plummeted by $206.97 million, from $422.58 million to $215.61 million.
Egyptian pound tumbles, but Hani Berzi stays among Egypt’s wealthiest
The Egyptian pound is trading at a record low of 47.8 against the U.S. dollar as of reporting time, marking a year-to-date decline of over 35 percent according to data from Xe.com.
Despite the recent decline in the market value of his stake, Berzi remains one of the richest investors on the Egyptian Exchange. The present market value of his stake solidifies his standing as one of the richest businessmen in Egypt.
