Key Points:
- Oriental weavers’ share price surge boosts Egyptian Khamis family’s wealth by over $8 million in just eight days.
- Leading carpet manufacturer’s share price jumps by 5.5 percent, pushing market cap above $280 million.
- Despite the Khamis family’s gains, Oriental Weavers shares are down 54.3 percent since January 30, highlighting investment risks.
Egypt’s wealthy Khamis family, known for their leadership in the carpet industry, has seen their stake in Oriental Weavers rise significantly in recent days. The gain comes amid a surge in the company’s share price on the Egyptian Exchange (EGX).
According to data tracked by Billionaires.Africa, the Khamis family’s holding in Oriental Weavers has climbed by EGP387.61 million ($8.3 million) over the past eight days. This follows an earlier increase of $14.77 million between April 30 and May 11, when their stake jumped from EGP6.58 billion ($138.87 million) to EGP 7.28 billion ($153.64 million).
Oriental Weavers soars as Khamis family stake drives growth
The Khamis family holds a majority stake in Oriental Weavers, a leading global carpet manufacturer with a presence in over 150 countries. The company’s strong position in the Middle East and North Africa is solidified by its extensive reach.
In recent times, the company’s shares on the EGX have recently gained 5.51 percent, rising from EGP18.70 ($0.401) on May 13 to EGP 19.73 ($0.423) at the time of drafting this report, thus pushing the company’s market cap above $280 million.
Oriental Weavers rally boosts family stake
Egyptian business executive, Yasmine Mohamed Khamis and her siblings maintain a controlling interest of 56.58 percent in the Cairo-based carpet giant which boasts production facilities across three countries.
The recent share price increase has translated into a gain of EGP387.61 million ($8.3 million) for the family over the past eight days, with their stake rising from EGP7.04 billion ($150.6 million) on May 13 to EGP7.42 billion ($158.88 million) at the time of drafting this report.
Your Money and Your Life: Caution advised
While the Khamis family’s stake has soared recently, investors seeking to emulate their success through Oriental Weavers shares should exercise caution. Year-to-date, the company’s stock price has declined by 30.82 percent. Factoring in the Egyptian pound’s devaluation, the total decline translates to 54.25 percent.
Investors who bought Oriental Weavers shares on January 30 are currently facing a loss of nearly 30.8 percent in local currency terms, and 54.3 percent accounting for devaluation. A $100,000 investment in the company would now be valued at $45,750, representing a significant loss of $54,250.
