Table of Contents
Key Points:
- Medhat Khalil’s stake in Raya Holding has surged by $4.02 million as the company’s shares rally on the Egyptian Exchange.
- Shares in Raya Holding soared by 15.1%, pushing the market capitalization above the $170 million mark.
- Despite strong year-to-date stock performance, the Egyptian pound’s devaluation has led to a 12.8% loss for investors in dollar terms.
Egyptian businessman Medhat Khalil, founder and chairman of Raya Holding, a leading investment conglomerate, has seen his wealth surge by over $4 million in the past 8 days thanks to the recent rally in the company’s shares on the Egyptian Exchange (EGX).
Khalil’s stake in Raya Holding has increased by EGP191.93 million ($4.02 million) over the past 8 days. This gain coincides with a double-digit surge in the group’s shares on the Egyptian Exchange (EGX), highlighting investors’ sustained interest in the conglomerate.
This impressive bump in the market value of his stake builds on the previous $4.23 million gain recorded between May 15 and 28 when Khalil’s stake rose from EGP1.16 billion ($24.66 million) to EGP 1.36 billion ($28.89 million).
Raya Holding’s shares surge by 15.1 percent
Founded in 1999 through a merger of Khalil’s entities and the Orascom Group, Raya Holding is a top player in Egypt’s investment landscape. The company’s share price has jumped 15.1 percent from EGP3.31 ($0.069) on June 9 to EGP3.81 ($0.08), pushing the company’s market cap above $170 million and returning substantial returns to shareholders.
The market value of Khalil’s 18.37 percent stake, amounting to 383,851,916.40 shares, has risen by EGP191.93 million ($4.02 million) over the past eight days, from EGP1.27 billion ($26.63 million) to EGP1.46 billion ($30.66 million). This reinforces Khalil’s position as a top figure on the Egyptian Exchange and one of the country’s wealthiest individuals.
Your Life and Your Money: Devaluation dampens gains
Despite the year-to-date share price increase of nearly 35 percent in local currency terms, the broader economic reality of the Egyptian pound’s devaluation against the U.S. dollar has impacted returns.
The pound’s devaluation has led to a 12.8 percent year-to-date decline after accounting for currency devaluation. Consequently, a $100,000 investment in Raya Holding at the start of the year would now be valued at just $87,200 due to currency depreciation.
