Hisham Talaat Moustafa, the chairman of Talaat Moustafa Group (TMG) Holding, has witnessed a remarkable surge in his wealth, with his holdings in TMG Holding on the Egyptian Exchange experiencing a notable increase of nearly $200 million.
According to Billionaires.Africa, Moustafa’s stake in TMG Holdings has gained EGP9.42 billion ($198.81 million) in the past 13 days. This increase is fueled by heightened investor interest in the Cairo-based company on the Egyptian Exchange.
The recent upswing follows a decline of EGP5.29 billion ($109.87 million) in his stake in TMG Holdings between April 15 and 22. The market value of his stake during the period plunged from EGP61.12 billion ($1.27 billion) to EGP55.82 billion ($1.16 billion).
TMG Holdings’ market cap hits $2.5 billion
TMG Holding, is a leading force in Egypt’s real estate industry, with a long history dating back to its inception in 1974. Over the years, the company has grown to become one of the largest real estate holdings in Egypt, thanks to the visionary leadership of Moustafa.
In the last 13 days, TMG Holdings shares on the Egyptian Exchange have witnessed a 20.75-percent upswing, rising from EGP 51 ($1.076) on April 28 to EGP 61.58 ($1.30). This increase has propelled the company’s market capitalization above the $2.5-billion mark, generating gains for its shareholders.
Talaat Moustafa solidifies billionaire status on TMG stake surge
Moustafa is not only one of the wealthiest investors on the Egyptian Exchange but also one of the wealthiest people in North Africa, thanks to his 43.16-percent investment in TMG, which amounts to 890,633,483 ordinary shares.
With the substantial increase in share price, the market value of Talaat Moustafa’s stake has surged by EGP9.42 billion ($198.81 million), climbing from EGP45.42 billion ($958.34 million) on April 28 to EGP54.85 billion ($1.16 billion) at the time of this report.
This significant upswing not only solidifies Moustafa’s position as one of the most influential investors on the Egyptian Exchange but also elevates him to the ranks of Africa’s billionaires.
