Egypt’s billionaire El-Sewedy family has seen their controlling stake in Elsewedy Electric, a leading multinational electrical equipment manufacturer, decline significantly after a brief rebound earlier this month.
Over the past 12 days, the family’s stake has fallen by EGP6.55 billion ($136.53 million), primarily due to a recent drop in the company’s share price on the Egyptian Exchange. This follows a gain of $86.43 million recorded between April 2 and 9, when their collective stake in Elsewedy Electric rebounded from $970.36 million to $1.06 billion.
Elsewedy Electric’s stock slumps, dragging market cap below $1.5 billion
Founded in 1938 by the El-Sewedy family, Elsewedy Electric has been instrumental in shaping the electrical industry landscape, contributing substantially to projects across the Middle East and North Africa.
Recently, the company’s shares on the Egyptian Exchange have fallen by 11.92 percent, dropping from EGP37.15 ($0.775) on Apr. 17 to EGP32.72 ($0.68). This decline has caused the company’s market cap to dip below the $1.5 billion mark, resulting in substantial losses for its shareholders.
Egypt’s billionaire El-Sewedy family’s wealth falls to less than $1.1 billion
Ahmed El-Sewedy and his siblings, Sadek and Mohammed, hold a controlling and beneficial stake of 68.1 percent in the company, equivalent to a total of 1,478,358,330 ordinary shares.
According to data tracked by Billionaires.Africa, the market value of the El-Sewedy family’s joint shareholding in Elsewedy Electric has decreased from EGP54.92 billion ($1.14 billion) on Apr. 17 to EGP48.37 billion ($1.01 billion) at the time of writing this report.
Despite this financial setback of EGP136.55 billion ($136.53 million), the El-Sewedy family remains one of Egypt’s leading billionaire families and continues to be among the wealthiest investors on the local bourse.
