Egypt’s Khamis family gains $18.8 million from Oriental Weavers stake

Feyisayo Ajayi -

The wealthy Khamis family of Egypt has seen a significant boost in wealth, with their holding in Oriental Weavers jumping by $18.76 million over the past three weeks. This surge further cements the family’s position among the region’s wealthiest.

According to Billionaires.Africa, the Khamis family’s stake in Oriental Weavers has gained EGP903.16 million ($18.76 million) in the past three weeks. This increase is fueled by heightened investor interest in the Cairo-based company on the Egyptian Exchange.

The recent upswing follows a decline of $88.36 million in their Oriental Weavers investment, from $239.31 million to $150.95 million, between Feb. 27 and March 29. This decline was attributed to the depreciation of the Egyptian pound and a 3.16 percent drop in Oriental Weavers’ shares on the Egyptian Exchange.

Oriental Weavers’ shares skyrocket by 12.97 percent

The Khamis family, one of Egypt’s wealthiest, currently holds a majority stake in Oriental Weavers, a leading carpet manufacturer with a global presence. The company’s products are sold in more than 150 countries, solidifying its position as a key player in the MIddle East and North Africa.

Members of the renowned Egyptian family, including leading business executive Yasmine Mohamed Khamis and her siblings, maintain a controlling interest of 56.58 percent in the leading Cairo-based carpet manufacturer, which has production facilities in three countries.

Oriental Weavers shares on the Egyptian Exchange have recently surged by 11.51 percent, rising from EGP18.5 ($0.3842) on April 1 to EGP20.9 ($0.4341) at the time of writing. This increase propelled the company’s market capitalization closer to the $290-million mark, resulting in significant gains for shareholders.

Oriental Weavers soars, lifting Khamis family fortune

Due to the substantial share price increase, the market value of the Khamis family’s stake has surged by EGP 903.16 million ($18.76 million).  This represents a climb from EGP 6.96 billion ($144.59 million) on April 1 to EGP 7.87 billion ($163.35 million) at the time of this report.

This recent appreciation in their investment highlights the Khamis family’s continued prominence among Egypt’s wealthiest families and leading investors on the Egyptian Exchange.