Table of Contents
Key Point
- Khamis family’s Oriental Weavers stake nears $200 million again despite Egyptian pound devaluation.
- Oriental Weavers’ share price jumps 8.07% on EGX, boosting market cap to over $335 million.
- Despite a 44.94% share surge in local currency, Oriental Weavers’ investors face a 7.21% year-to-date loss in USD terms.
Egypt’s wealthy Khamis family, known for their dominance in the carpet industry, has seen a significant increase in their stake in Oriental Weavers, nearing $200 million. This rise is attributed to a consistent uptick in the company’s share price on the Egyptian Exchange (EGX), despite the devaluation of the Egyptian pound.
According to data tracked by Billionaires.Africa, the Khamis family’s stake in Oriental Weavers increased by EGP 688.66 million ($14.25 million) over the past 16 days. This recent boost follows a prior gain of $27.68 million between June 9 and July 2, when their stake rose from EGP7.47 billion ($154.78 million) to EGP8.81 billion ($182.46 million).
Investors’ wealth boosted amid Oriental Weavers’ share surge
Oriental Weavers, a leading carpet manufacturer with a global reach, has seen its shares on the EGX jump by 8.07 percent. The stock rose from EGP22.68 ($0.47) on July 9 to EGP24.51 ($0.51), pushing the company’s market capitalization above $335 million. This increase has resulted in substantial gains for its shareholders, including the affluent Khamis family.
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 uptick in shares has elevated the market value of their stake from EGP8.53 billion ($176.55 million) on July 9 to EGP9.22 billion ($190.79 million), solidifying the Khamis family’s status among Egypt’s wealthiest and as leading investors on the EGX.
Your Money and Your Life
Oriental Weavers has delivered substantial year-to-date returns in local currency terms, with its share price increasing by 44.94 percent since the beginning of the year.
However, the devaluation of the Egyptian pound against the U.S. dollar has offset these gains, resulting in a 7.21 percent year-to-date decline for investors in dollar terms.
A $100,000 investment at the start of the year would now be worth $92,790, indicating a loss of $7,210.
