Egyptian billionaire Hani Berzi saw a notable drop in his wealth as the value of his shares in Edita Food Industries took a hit, losing nearly $6 million recently. This dip is linked to the recent slide in the company’s stock price on the Egyptian Exchange.
According to data tracked by Billionaires.Africa, the market value of Berzi’s stake in Edita Foods has dropped by EGP282.09 million ($5.97 million) over the past five days, due to the recent decline in the company’s share price.
This setback follows earlier gains made between April 24 and May 7, when the value of Berzi’s stake surged by EGP552.05 million ($11.57 million). During that period, his stake in the company rose from EGP8.12 billion ($170.1 million) on April 24 to EGP8.67 billion ($181.6 million).
Edita Foods sees 3.25-percent drop in share price, affecting investor holdings
Edita Food Industries leads Egypt’s rapidly expanding packaged snack food market. The company produces and distributes various branded snack items such as cakes, croissants, rusks, and wafers through its broad retail network.
The share price of Edita Foods on the Egyptian Exchange has fallen by 3.25 percent, declining from EGP28.58 ($0.603) on May 7 to EGP27.65 ($0.5848) at the time of drafting this report. This decrease has caused the company’s market capitalization to dip below $410 million, resulting in losses for investors like Berzi.
Berzi’s stake takes a hit: Impact of Edita’s share price fall
Berzi — who founded the consumer goods conglomerate in 1996 and serves as chairman and managing director — owns a significant 41.95-percent stake, which is equivalent to 303,323,015 ordinary shares in the leading packaged food manufacturer through Quantum Invest BV.
Due to a slight decrease in Edita’s share price by a single-digit percent, the market value of Berzi’s stake has declined by EGP282.09 million ($5.97 million), from EGP8.67 billion ($183.33 million) on May 7 to EGP8.39 billion ($177.37 million) as of report writing.
Despite the recent decline in the market value of his stake, Berzi remains a prominent investor on the Egyptian Stock Exchange. The current market value of his holding has solidified his position as one of Egypt’s wealthiest businessmen.