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Key Points:
- Egyptian investors, the Ghabbour family, saw a $20.7 million boost thanks to a 14.7% surge in GB Corp.’s share price.
- The automaker’s shares climbed significantly, pushing the company’s market cap above $255 million.
- While GB Corp. is up 34% YTD, currency devaluation reduces gains for dollar-based investors. A $100,000 investment is now worth $86,952.
Egyptian billionaire Ghabbour family has seen a significant rise in the market value of their investment in GB Corp., driven by a recent surge in the group’s share price on the Egyptian Exchange. This underscores the group’s strong performance and bolsters the family’s wealth.
According to data from Billionaires.Africa, the Ghabbour family’s stake in the Egypt-based automaker has climbed by EGP983.2 million ($20.7 million) over the past 16 days. This uptick is attributed to growing investor interest in the company on the local bourse.
The recent gains follow a period of financial setbacks. The Ghabbour family’s holding declined by $13.06 million between May 2 and 13, falling from EGP7.31 billion ($155.26 million) to EGP6.69 billion ($142.2 million).
Egypt’s GB Corp shares climb 14.7%
Founded in 1985 by the late Egyptian auto tycoon Raouf Ghabbour, GB Corp. has become a major player in the automotive distribution and assembly sector across the Middle East and North Africa
Over the past 16 days, GB Corp. shares on the EGX have climbed 14.72 percent, rising from EGP 9.78 ($0.20665) on May 13 to EGP 11.22 ($0.2371) currently. This surge has pushed the group’s market cap above $255 million, delivering substantial gains to shareholders, including the wealthy Ghabbour family.
Egypt’s Ghabbour family wealth up
The Ghabbour family holds a commanding 63.4 percent majority stake in GB Corp., with family members in key executive positions on the group’s board. This cements their status as leading investors on the Egyptian Exchange.
Due to the double-digit percent surge, the market value of the Ghabbour family’s stake soared by EGP983.2 million ($20.7 million), rising from EGP6.68 ($140.51 million) on May 13 to EGP7.66 billion ($161.2 million) at the time of reporting.
This impressive financial gain further solidifies the Ghabbour family’s status as one of the wealthiest investors on the EGX, highlighting their enduring influence in Egypt’s economic landscape.
Your Money and Your Life: Up YTD but dollar drag cuts gains
GB Corp. is among many companies that have delivered impressive returns to investors year-to-date. Investors holding stakes in this innovative automotive powerhouse have seen their fortunes surge by 33.73 percent this year.
However, the Egyptian pound’s devaluation against the U.S. dollar has eroded gains, leading to a 13.05 percent year-to-date decline for GB Corp.’s investors in dollar terms. A $100,000 investment in the automotive company since January 1 would now be worth $86,952, representing a loss of $13,048.
