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The El-Sewedy family, one of Egypt’s prominent billionaire families, has reclaimed its billionaire status after shares in leading electrical equipment group, Elsewedy Electric, rebounded nearly 9 percent. The surge pushed the market value of the family’s stake in the leading electrical group above $1 billion.
According to data tracked by Billionaires.Africa, the market value of the El-Sewedy family’s holding in Elsewedy Electric has climbed EGP4.11 billion ($86.43 million) over the past week, reaching EGP 50.25 billion ($1.06 billion) at the time of drafting this report.
The family’s wealth had taken a hit between March 14 and 28, with the market value of their stake tumbling EGP5.36 billion ($324.08 million), from EGP61.34 billion ($1.29 billion) to EGP45.98 billion ($970.05 million).
Elsewedy Electric’s market cap rebounds above $1.5 billion
Founded in 1938 by the El-Sewedy family, Elsewedy Electric has played a pivotal role in the electrical equipment manufacturing sector, contributing significantly to various projects across the Middle East and North Africa.
In the past seven days, Elsewedy Electric shares on the Egyptian Exchange have surged 8.91 percent. Its shares are currently trading at EGP33.99 ($0.715), up from EGP31.21 ($0.656) on April 2. This surge propelled Elsewedy Electric’s market capitalization above $1.5 billion, delivering substantial returns to shareholders, including the El-Sewedy family.
El-Sewedy Family gains $86.43 million
Ahmed El-Sewedy and his siblings, Sadek and Mohammed, collectively hold a controlling and beneficial stake of 68.1 percent in Elsewedy Electric, representing 1,478,358,330 ordinary shares.
The recent single-digit percent increase in Elsewedy Electric’s share price has boosted the market value of the El-Sewedy family’s stake by EGP4.11 billion ($86.43 million). The value climbed from EGP46.14 billion ($970.36 million) on April 2 to EGP50.25 billion ($1.06 billion).
The surge highlights Elsewedy Electric’s resilience and investor confidence in its future prospects, further solidifying the company’s position as a key player in the region’s electrical equipment manufacturing sector.
