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Egyptian businessman Hisham Talaat Moustafa, the billionaire chairman of Talaat Moustafa Group (TMG) Holding, is facing fresh financial setbacks. This follows a $727-million plunge in his net worth between March 6-9 due to the Egyptian pound devaluation.
According to data tracked by Billionaire.Africa the market value of Hisham Talaat Moustafa’s stake in TMG has declined by EGP8.53 billion ($180.19 million) over the past 26 days, amid sustained selling pressures in the shares of the leading group on the Egyptian Exchange.
TMG shares slump by over 12 percent
Talaat Moustafa Group (TMG) Holding is a leading player in Egypt’s real estate sector with a long history dating back to its founding in the early 1960s. It presently ranks as one of the largest real estate developers in Egypt.
Hisham Talaat Moustafa, the CEO, who steered TMG Holding to its current heights in Egypt’s urban development, holds a controlling stake of 43.16 percent in the group, representing 890,633,483 ordinary shares.
TMG’s share price on the Egyptian Exchange has fallen 12.42 percent since March 9, dropping from EGP77.11 ($1.62764) to EGP 67.53 ($1.4254). This decline has pushed the company’s market capitalization below $3 billion, resulting in losses for stakeholders, including Moustafa.
Moustafa’s stake slumps as shares plunge
Amid the decline in TMG Holding’s share price, the market value of Moustafa’s stake has plunged by EGP 8.53 billion ($180.19 million) over the past 26 days, dropping from EGP 68.68 billion ($1.45 billion) on March 9 to EGP 60.14 billion ($1.27 billion) as of the reporting time.
Despite facing setbacks and financial hurdles, Moustafa continues to rank among the affluent investors on the Egyptian Exchange and is also recognized as one of the wealthiest individuals in North Africa. His influence extends beyond his controlling stake in TMG, underscoring his resilience in navigating the complexities of emerging markets.
