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Egyptian billionaire Yasseen Mansour, chairman of prominent real estate developer Palm Hills Developments, has seen his wealth decline due to a recent slump in the company’s share price on the Egyptian Exchange.
According to market data tracked by Billionaires Africa, the market value of Mansour’s stake in Palm Hills Developments has fallen by EGP 245.31 million ($5.12 million) over the past 16 days. This decline follows a brief period of growth for Mansour’s stake, which rose from $13.61 million to $15.44 million between March 20 and April 10.
Palm Hills plunges 20.15% on Egyptian Exchange
Palm Hills, a unit of Mansour Group, is a leading Egyptian developer focused on integrated residential, commercial, and resort projects. Yasseen Mansour, a prominent Egyptian billionaire, holds a 10.17-percent stake in Palm Hills, representing 299 million ordinary shares.
Since April 17, Palm Hills’ shares on the Egyptian Exchange have plunged 20.15 percent, dropping from EGP4.07 ($0.085) to EGP3.25 ($0.068). The share price decline has pushed the company’s market capitalization below $200 million, leading to substantial financial losses for shareholders.
Palm Hills share price drop erases $5.1 million from Mansour’s stake
The double-digit percent drop in Palm Hills’ share price has directly impacted the market value of Yasseen Mansour’s stake in the company.
Since April 17, the value of his stake has fallen by EGP245.31 million ($5.12 million), decreasing from EGP1.22 billion ($25.39 million) to EGP 972.27 million ($20.28 million).
Despite the recent decline in the market value of his holding in Palm Hills, Mansour remains one of Egypt’s wealthiest men. His $1.2-billion net worth makes him one of Africa’s billionaires and also ranks him as the world’s 2,502nd richest individual.
