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Key Points
- Medhat Khalil’s 17.99% stake in Raya Holding fell by $2.96 million after a 10.35% stock drop over 17 days on the EGX.
- Raya Holding’s market cap dropped below $290 million, erasing Khalil’s earlier $3.4 million gain between July and August amid economic pressures.
- Despite a 17.92% EGX gain in 2024, dollar investors in Raya Holding lost 26.1% due to Egyptian pound devaluation.
Egyptian tycoon Medhat Khalil, founder and chairman of Raya Holding, has experienced a notable drop in the market value of his stake in the Cairo-based conglomerate, following a sharp decline in the company's share price on the Egyptian Exchange (EGX).
Khalil holds a 17.99 percent majority stake in Raya Holding, equivalent to 385,208,477 shares. The recent decline in the company’s shares has caused the market value drop of EGP146.38 million ($2.96 million) in his stake.
This decline reversed a $3.4 million gain for Khalil between July 1 and Aug. 29, when his stake rose from EGP1.59 billion ($32.62 million) to EGP1.76 billion ($36.04 million), effectively erasing most of the gains he had made earlier.
Medhat Khalil’s stake in Raya Holding drops amid market slump
Raya Holding, established in 1999 through a merger involving the Khalil family and Orascom Group, remains a key player in Egypt's investment landscape. Its subsidiary, Raya Foods, recently secured a $40 million investment from Helios Investment Partners to drive expansion.
Raya's stock has dropped 10.35 percent over 17 days, declining from EGP3.67 ($0.07) to EGP3.29 ($0.06). The decline has pushed the company's market capitalization below $290 million, triggering losses for shareholders, including founder Medhat Khalil.
Khalil’s stake in Raya Holding has fallen from EGP1.41 billion ($28.62 million) on Oct. 28 to EGP1.27 billion ($25.66 million), marking a loss of EGP146.38 million ($2.96 million). Despite the downturn, Khalil remains a top figure on the EGX, with Raya Holding playing a critical role in the country's economy.
Your Money and Your Life
Raya Holding has gained 17.92 percent on the Egyptian Exchange in local currency this year. However, dollar-based investors have taken a hit, losing 26.1 percent due to the Egyptian pound's devaluation. A $100,000 investment in January is now worth $73,900—a $26,100 loss.
