Following a significant $136.5-million decline in their combined investment portfolio, Egypt’s billionaire El-Sewedy family has witnessed a partial recovery, with the market value of their stake in Elsewedy Electric climbing by roughly $120 million.
Over the past 10 days, the El-Sewedy family’s holding in Elsewedy Electric has surged by EGP5.59 billion ($117.9 million), mirroring a notable rise in the shares of the leading conglomerate on the Egyptian Exchange.
Elsewedy Electric’s market cap crosses $1.5 billion
Founded in 1938 by the El-Sewedy family, Elsewedy Electric has been a key player in shaping the electrical industry landscape, making significant contributions to projects across the Middle East and North Africa.
In the last 10 days, Elsewedy Electric shares on the Egyptian Exchange have witnessed a 12.17-percent upswing, rising from EGP 31.05 ($0.6550) on April 30 to EGP 34.83 ($0.7348). This increase has propelled the company’s market capitalization above the $1.5-billion mark, generating gains for its shareholders.
El-Sewedy family makes $117.9 million in just 10 days
Ahmed El-Sewedy and his siblings, Sadek and Mohammed, hold a controlling stake in the group and serve as executives on the board. The billionaire family owns a 68.1-percent majority stake in Elsewedy Electric, representing 1,478,358,330 ordinary shares.
According to data tracked by Billionaires.Africa, the double-digit percentage rise in Elsewedy Electric’s share price has bolstered the market value of the El-Sewedy family’s joint holding by EGP 5.59 billion ($117.91 million) over the past 10 days.
The family’s joint stake in Elsewedy Electric has risen from EGP45.9 billion ($968.4 billion) on April 30 to EGP51.49 billion ($1.09 billion). The recent surge in Elsewedy Electric shares highlights the group’s resilience and investors’ confidence in its prospects.
