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Egyptian billionaire Hani Berzi’s wealth has seen a notable decline as the market value of his stake in Edita Food Industries tumbled by over $21 million in the past nine days.
According to data tracked by Billionaires.Africa, the market value of Berzi’s stake in Edita Foods has dropped by EGP 1.03 billion ($21.46 million) over the past nine days, due to the recent decline in the company’s share price.
Edita Food shares slump by 10.46 percent
Edita Food Industries leads Egypt’s rapidly 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.
Since April 15, Edita Foods’ share price on the Egyptian Exchange has dropped 10.46 percent, falling from EGP 32.40 ($0.676) to EGP 29.01 ($0.606). This decline has pushed the company’s market capitalization below $425 million, leading to losses for investors, including Berzi.
Berzi’s stake feels the pinch
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.
As a result of the double-digit percent drop in Edita’s share price, the market value of Berzi’s stake has fallen by EGP 1.03 billion ($21.47 million) since April 15, from EGP 9.83 billion ($205.17 million) on April 15 to EGP 8.80 billion ($183.70 million) at the time of writing.
Despite the recent decline in the value of his stake, Berzi remains a prominent investor on the Egyptian Stock Exchange. The current market value of his holding solidifies his position as one of Egypt’s wealthiest businessmen.
