Table of Contents
Key Point
- Egyptian billionaire Yasseen Mansour’s stake in Palm Hills Developments has surged by EGP161.55 million ($3.36 million) in just 16 days due to robust local investor interest.
- Palm Hills Development’s shares have soared 13.37% since June 24, boosting Mansour’s stake to EGP1.37 billion ($28.53 million).
- Despite Palm Hills’ impressive 72.18% year-to-date gain in local currency, currency depreciation has limited returns to 10.78% in dollar terms.
Egyptian billionaire Yasseen Mansour, chairman of Palm Hills Developments, has seen a remarkable increase in his fortune over the past 16 days, driven by a sustained surge in the shares of Palm Hills Development on the Egyptian Exchange (EGX).
According to data tracked by Billionaires.Africa, Mansour’s stake in Palm Hills has risen by EGP161.55 million ($3.36 million) over the past 16 days, as local investors continue to bolster their positions in the Cairo-based real estate firm.
This recent gain adds to a previous gain of $6.46 million recorded between May 15 and June 20, when Mansour’s stake in the leading Cairo-based group, rose from EGP897.48 million ($18.8 million) to EGP1.37 billion ($28.53 million).
Palm Hills’ shares soar 13.37 percent
Palm Hills Development, an operating subsidiary of Egypt’s leading conglomerate, Mansour Group, is a well-known real estate developer with active investments in Egypt. The company develops integrated residential, commercial, and resort communities across Egypt.
Since June 24, the company’s shares have surged by 13.37 percent, rising from EGP4.04 ($0.0839) to EGP4.58 ($0.0959) as of the latest market update. This increase has propelled Palm Hills’ market capitalization above $280 million, delivering substantial gains for shareholders, including Mansour.
Mansour currently holds a 10.17 percent stake in Palm Hills, equivalent to approximately 299 million shares. With the recent double-digit percentage rise in Palm Hills’ share price, Mansour’s stake has soared by EGP161.55 million ($3.36 million), climbing from EGP1.21 billion ($25.17 million) on June 24 to EGP1.37 billion ($28.53 million).
Your Money and Your Life
Palm Hills Development shares have been standout performers on the EGX, boasting an impressive 72.18 percent year-to-date gain in local currency terms.
However, despite these gains, the depreciation of the Egyptian pound against the U.S. dollar has dampened returns for foreign investors, resulting in a 10.78 percent year-to-date gain in dollar terms.
A $100,000 investment in Palm Hills since January 1 would now be valued at $110,782, reflecting a gain of $10,782 amidst currency fluctuations.
