Table of Contents
Key Points
- Yasseen Mansour’s fortune rises by $6.06 million due to a 25.31% surge in Palm Hills shares since August 5.
- Palm Hills Development’s stock climbs 24.6% in August, pushing its market cap above $300 million.
- Mansour’s stake in Palm Hills grows from $24.66 million to $30.7 million over 15 days, reflecting a significant value increase.
Egyptian billionaire Yasseen Mansour, chairman of Palm Hills Developments, has seen a significant increase in his fortune in the past 15 days, due to the 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 have surged by EGP296.17 million ($6.06 million) since Aug. 5. This follows a broader trend of rising local investment in the Cairo-based real estate firm, which has seen its stock price climb significantly.
This recent gain adds to a previous gain of $3.36 million recorded between June 24 and July 11, when Mansour’s stake in the leading Cairo-based group, surged from EGP1.21 billion ($25.17 million) to EGP1.37 billion ($28.53 million).
Palm Hills shares surge 24.6 percent in August
Palm Hills Development, an operating subsidiary of Egypt’s largest conglomerate, Mansour Group, is a well-known real estate developer with active investments in Egypt. The company develops integrated residential, commercial, and resort communities.
Since August 5, the company shares have surged by 25.31 percent, rising from EGP4.03 ($0.0824) to EGP 5.02($0.1033) at the time of drafting, propelling its market capitalization above $300 million.
Mansour’s stake in Palm Hills gains $6.06 million amid share price surge
Mansour, the chairman of Palm Hills Development and one of Africa’s wealthiest individuals, owns a sizable 10.17 percent stake in the Cairo-based real estate firm, which translates to 299 million shares.
As a result of the double-digit percent increase in the group’s share price, the market value of the stake held by the Egyptian billionaire has increased by EGP296.17 million ($6.06 million) over the past 15 days, from EGP1.21 billion ($24.66 million) to EGP1.5 billion ($30.71 million).
Your Money and Your Life
This year, Palm Hills’ share price has increased by 88.72% in local currency terms since January 1. Adjusting for the devaluation of the Egyptian pound, the year-to-date gain stands at 19.26%.
For investors, a $100,000 investment in Palm Hills at the start of the year would now be worth $119,257, marking a gain of $19,257.
