The Ghabbour family, Egyptian billionaires, have experienced a notable decrease in their wealth as the market value of their holding in GB Corp plummeted by over $32 million in recent times, attributed to the downturn in GB Corp’s shares.
According to data tracked by Billionaires.Africa, the Ghabbour family’s stake in the Egypt-based automaker has decreased by EGP1.54 billion ($32.08 million) in the past 12 days, as investors on the local bourse continue to reduce their stakes in the leading company.
This decline follows a recent downturn, during which the Ghabbour family’s holdings in the automotive sector experienced a significant drop of $21.5 million from March 21 to April 8.
GB Corp’s market cap dips below $225 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.
Since April 15, GB Corp shares on the Egyptian Exchange have declined by 18.67 percent, dropping from EGP 12.05 ($0.25174) to EGP 9.80 ($0.2047). This decline has lowered the market capitalization below $225 million, resulting in significant financial losses for shareholders, including the Ghabbour family.
Ghabbour family’s stake in GB Corp declines below $140 million
Consequently, the market value of the stake held by the affluent Ghabbour family has slumped by EGP1.54 billion ($32.08 million) in the past 12 days, declining from EGP8.23 billion ($171.79 million) on April 15 to EGP6.69 billion ($139.71 million).
Despite the recent decline in the market value of their stake, the family remains one of the richest investors on the Egyptian Exchange. They hold a top position among the wealthiest families in Egypt, making substantial contributions to the country’s economic landscape.
