Egyptian billionaire Hisham Talaat Moustafa loses $124.2 million from TMG stake

Feyisayo Ajayi -

Key Point

  • Hisham Talaat Moustafa’s stake in TMG Holding has dropped by $124.21 million in 22 days due to a 9.21% decline in share price.
  • TMG Holding’s market capitalization has fallen below $2.4 billion following a 9.21% decrease in share value.
  • Despite recent losses, TMG Holding has delivered a 48.29% return in 2024, turning a $100,000 investment into $148,288.

Egyptian billionaire Hisham Talaat Moustafa, chairman of Talaat Moustafa Group (TMG) Holding, has experienced a significant decline in the market value of his stake in the real estate group, spurred by recent pull back on the Egyptian Exchange (EGX).

According to data tracked by Billionaires.Africa, Moustafa’s stake in TMG Holding has decreased by EGP6.03 billion ($124.2 million) over the past 22 days due to sustained selling pressure. This follows a previous gain of $94.27 million recorded between June 9 and 21, when his stake increased from $929.62 million to $1.02 billion.

TMG Holding’s shares decline by 9.21%, market cap falls below $2.4 billion

TMG Holding is a leading force in Egypt’s real estate industry, with a long history dating back to its inception in 1974. Over the years, the company has grown to become the largest real estate holding company in Egypt, thanks to the visionary leadership of Moustafa.

Over the past 22 days, its shares on the EGX have declined by 9.21 percent, dropping from EGP61.99 ($1.28) on July 9 to EGP56.28 ($1.16). This drop has pushed TMG’s market capitalization below $2.4 billion, leading to substantial losses for shareholders.

Moustafa loses $124.2 million as TMG shares decline

Moustafa, a top investor on the EGX and one of North Africa’s wealthiest individuals, holds a 51.19 percent stake in TMG Holding, amounting to 1,056,349,851 ordinary shares.

As a result of the recent decline in TMG shares, the market value of Moustafa’s stake has fallen by EGP6.03 billion ($124.2 million) over the past 22 days from EGP 65.48 billion ($1.35 billion) on July 9 to EGP 59.45 billion ($1.22 billion).

Your Money and Your Life

In a broader context, TMG Holding has still delivered substantial returns year-to-date. Investors have seen a total return of 48.29 percent in 2024, after adjusting for devaluation. A $100,000 investment at the start of the year would now be worth $148,288, indicating a profit of $48,288.