Egypt’s richest billionaire Nassef Sawiris has gained EGP138.7 million ($8.8 million) in the past 20 days from his stake in the leading construction company, Orascom Construction Plc.
The $8.8-million (EGP138.7 million) gain in his stake was due to the performance of Orascom Construction’s shares on the Egyptian Stock Exchange (EGX), as local investors on the bourse intensified buying pressure after shares fell to their lowest price in the past 10 months.
As of press time, 6:20 AM (UTC), Sept. 7, shares in Orascom Construction on the EGX were worth EGP75.0 ($4.8) per share, 10.5-percent lower than its opening price for the year.
Since Aug. 18, its shares on the Egyptian bourse have increased from EGP70.9 ($4.5) to EGP75.o ($4.8) as of press time, accruing a total gain of 5.8 percent for shareholders in 20 days.
Orascom Construction
Orascom Construction is a leading engineering and construction contractor with operations covering the infrastructure, industrial and commercial sectors and a footprint primarily spanning the Middle East, Africa and the United States.
The group was founded in 1950 by the late Egyptian businessman Onsi Sawiris as Egypt’s first multinational corporation and stands at the core of the Orascom Group of companies.
Since 1950, it has grown into a leading global engineering and construction group with a reputation for excellence and a total assets base of EGP3.8 billion ($241.9 million) and a revenue of EGP3.4 billion ($216.5 million) as of December 2020.
Its shares are listed on NASDAQ Dubai and the EGX, with Nassef Sawiris controlling a 29-percent stake in the group.
The billionaire has seen the market value of his stake rise from EGP2.4 billion ($152.6 million) on Aug. 18 to EGP2.5 billion ($161.5 million) as of the drafting of this report.
This translates to a gain of EGP138.7 million ($8.8 million) for the billionaire in 20 days.
Sawiris is Egypt’s wealthiest man, with a net worth of $6.97 billion, according to Bloomberg estimates.
The businessman derives the majority of his $6.97-billion fortune from his stake in the sportswear company Adidas. His wealth in 2021 has increased by $368 million since the start of the year.
He also owns 30 percent of Orascom Construction Industries N.V., a Netherlands-based fertilizer producer that was formed out of a demerger from his family’s original business, Orascom Construction.
