Home » Egyptian businessman Medhat Khalil loses $8.6 million from Raya Holdings stake

Egyptian businessman Medhat Khalil loses $8.6 million from Raya Holdings stake

Khalil's Raya Holding stake slumps to $30.95 million

by Yusuf Abdulfatai
Medhat Khalil

Egyptian businessman Medhat Khalil, the founder and chairman of Raya Holding, has encountered a significant decline in the market value of his stake in the Egypt-based investment conglomerate amid a recent drop in the group’s share price on the Egyptian Exchange.

The market value of Khalil’s stake in Raya Holding over the past thirty-two days has declined by EGP414.56 million ($8.66 million), as investors trim down their stakes in the group. This follows a surge in Khalil’s fortunes, with his stake in Raya Holdings increasing by $21.1 million between Feb. 25 and March 6, from $105.19 million to $126.33 million.

Raya Holdings sees a 21.86-percent drop in shares

Raya Holding, formed in 1999 as a result of a merger between entities owned by Khalil and Orascom Group, plays a pivotal role in Egypt’s investment landscape. Khalil presently owns an 18.37-percent stake in Raya Holding, amounting to a total of 383,851,916.40 shares.

Recent financial reports indicate a robust performance for Raya Holding. At the end of its 2023 fiscal year, its revenues surged above $650 million, cementing the company’s position as one of Egypt’s most resilient entities. The disclosed financial statements reveal a substantial revenue uptick of 53.31 percent, climbing from EGP 20.41 billion ($429.22 million) in 2022 to EGP 31.29 billion ($650 million) in 2023.

However, Raya Holding’s shares on the Egyptian Exchange have experienced a decline of 21.86 percent in recent times, plummeting from EGP4.94 ($0.1031) on March 26 to EGP3.86 ($0.0806) at the time of this report. Consequently, the company’s market capitalization has fallen below $175 million, resulting in significant losses for shareholders.

Khalil’s Raya Holding stake slumps to $30.95 million

According to data tracked by Billionaires.Africa, the market value of Khalil’s stake in Raya Holding has decreased by EGP414.56 million ($8.66 million), sliding from EGP1.9 billion ($39.6 million) on March 26 to EGP1.48 billion ($30.94 million) at the time of drafting this report.

Despite this recent downturn, Khalil remains a notable investor in the Egyptian Exchange and continues to be recognized among the country’s wealthiest individuals.

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