Egyptian businessman Sadek Elsewedy gains $32 million from stake in Elsewedy Electric

Omokolade Ajayi -

Key Points

  • Sadek Elsewedy’s stake in Elsewedy Electric has surged by $32 million in 19 days, boosting his wealth significantly.
  • Elsewedy Electric’s market capitalization has surpassed $2 billion, reflecting a 6.5% increase in share price over 19 days.
  • Despite a 58.3% share price gain in 2024, currency devaluation limits Elsewedy Electric’s year-to-date gain to 0.46%.

Adding to his series of wealth gains this year, Egyptian multimillionaire businessman Sadek Elsewedy, co-founder and non-executive chairman of Elsewedy Electric, has enjoyed another significant boost in the market value of his stake in the company, further cementing his position among the country’s wealthiest businessmen.

According to data tracked by Billionaires.Africa, Sadek Elsewedy’s stake in Elsewedy Electric has increased by EGP1.55 billion ($32 million) over the past 19 days, as investors on the Egyptian Exchange (EGX) continue to increase their position in the Egypt-based multinational electrical company.

Elsewedy Electric’s recent rebound pushes market cap above $2 billion

Elsewedy Electric, founded in 1938 by the El-Sewedy family, has been instrumental in shaping Egypt’s electrical industry landscape, contributing substantially to projects across the Middle East and North Africa.

Over the past 19 days, the company’s shares on the EGX have risen by 6.5 percent, from EGP 44.04 ($0.91) on July 16 to EGP 46.92 ($0.96). This increase has pushed the company’s market capitalization above $2 billion, returning significant gains to shareholders.

Sadek Elsewedy’s stake rebounds above $510 million

Sadek Elsewedy, who began his professional career as a university student working in the family business, has solidified his position among the top names in the African business scene. Serving as the chairman of Elsewedy Electric since 2006, he currently holds a 25.18 percent stake in the company, equivalent to 539,261,947 shares.

The recent surge in share price has boosted the market value of his stake by EGP1.55 billion ($32 million), rising from EGP23.75 billion ($487.72 million) on July 16 to EGP25.3 billion ($519.61 million). This cements Elsewedy’s position as and one of Egypt’s wealthiest individuals.

Your Money and Your Life

This year alone, Elsewedy Electric’s share price has experienced a 58.3 percent gain in local currency terms since Jan. 1.

However, after factoring in the devaluation of the Egyptian pound, this translates to a mere 0.46-percent gain year-to-date. A $100,000 investment in Elsewedy Electric since Jan. 1 would be worth $100,460, representing a gain of $460.