Table of Contents
Key Points
- Hani Berzi’s stake in Edita Foods has dropped by $11.63 million over ten days due to a 6.36% decline in share price.
- Edita Foods Industries’ market cap falls below $400 million as its stock price drops 6.36% on the Egyptian Exchange.
- Edita Foods’ shares are down 11.71% this year, with total losses reaching 44.08% due to currency devaluation.
Egyptian billionaire Hani Berzi’s wealth has seen a notable decline, as the market value of his stake in Edita Foods Industries tumbled by over $11 million in the past ten days. This decline is linked to the recent slide in the company’s stock price on the Egyptian Exchange (EGX).
According to data tracked by Billionaires.Africa, the market value of Berzi’s stake in Edita Foods has dropped by EGP567.21 million ($11.63 million) over the past ten days, due to the recent decline in the company’s share price.
Edita Foods’ market cap slumps below $400 million
Edita Foods Industries leads Egypt’s rapidly expanding packaged snack food market. The company produces and distributes various branded snack items such as cakes, croissants, rusks, and wafers through its broad retail network.
Since Aug. 13, Edita Foods’ share price on the EGX has dropped 6.36 percent, falling from EGP 29.4 ($0.6025) to EGP 27.53 ($0.5642). This decline has pushed the company’s market capitalization below $400 million, leading to losses for investors, including Berzi.
Hani Berzi’s stake drops by $11.63 million
Hani Berzi, who founded Edita Foods in 1996 and currently serves as its chairman and managing director, holds a significant stake of 41.95 percent through Quantum Invest BV, representing 303,323,015 ordinary shares.
As a result of the single-digit percent drop in Edita Foods’ shares, the market value of Berzi’s stake has fallen by EGP567.21 million ($11.63 million) since Aug. 13, from EGP8.92 billion ($182.77 million) on Aug. 13 to EGP8.35 billion ($171.14 million) at the time of drafting this report.
Your Money and Your Life
Despite a recent decline in his stake’s value, Berzi remains a significant investor on the EGX. However, Edita Foods has faced a challenging year, with its shares down 11.71 percent. Factoring in the Egyptian pound’s devaluation, the total decline reaches 44.08 percent.
Investors who placed $100,000 in Edita Foods at the start of 2024 have seen their investment’s value drop to $55,918 — a loss of $44,082. This sharp decrease underscores the combined impact of the declining share price and currency devaluation.
