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The Egyptian billionaire Ghabbour family has seen the market value of their stake in GB Corp slump by more than $21 million over the past 19 days – primarily due to a downturn in the shares of GB Corp.
According to data tracked by Billionaires.Africa, the Ghabbour family’s stake in the Egypt-based automaker has decreased by EGP 1.02 billion ($21.54 million) since March 21, reflecting a trend of investors reducing their holdings in the group.
GB Corp’s market cap dips below $300 million
Founded in 1985 by the late Egyptian auto magnate Raouf Ghabbour, GB Corp has become a key player in the automotive distribution and assembly sector across the Middle East and North Africa. Presently, the Ghabbour family holds a 62.9-percent stake in the company, solidifying their status as prominent investors on the Egyptian Exchange.
Under the family’s guidance, GB Corp has experienced significant growth, recently culminating in a rebranding effort to unify its subsidiaries, which include GB Auto, GB Capital, GB Logistics, GB Ventures, GB Academy, and the Ghabbour Foundation for Development.
Ghabbour family’s stake in GB Corp declines
Since March 21, GB Corp shares on the Egyptian Exchange have declined by 10.45 percent, dropping from EGP13.1 ($0.276) to EGP11.6 ($0.244). This drop pushed market capitalization below $300 million, leading to substantial financial losses for shareholders, including the Ghabbour family.
Due to a sharp drop in the automaker’s stock, the Ghabbour family’s stake has lost EGP1.02 billion ($21.54 million) in the last 19 days, pushing the market value of their holdings below the $170-million mark.
