PH
The Egyptian wealthy Ghabbour family’s holding in GB Corp has lost more than $21 million in market value over the last 19 days, owing mostly to a drop in GB Corp’s stock price.
Since March 21, the Ghabbour family’s stake in the Egypt-based automaker has reduced by EGP 1.02 billion ($21.54 million), showing a trend of investors selling their shares in the company.
GB Corp, founded in 1985 by the late Egyptian auto magnate Raouf Ghabbour, has established itself as a major player in automobile distribution and assembly in the Middle East and North Africa. The Ghabbour family currently has a 62.9 percent share in the company, cementing their position as important investors on the Egyptian Exchange.
Under the family’s leadership, GB Corp has expanded significantly, culminating in a recent rebranding attempt to integrate its businesses, which include GB Auto, GB Capital, GB Logistics, GB Ventures, GB Academy, and the Ghabbour Foundation for Development.
Since March 21, GB Corp shares on the Egyptian Exchange have decreased by 10.45%, from EGP13.1 ($0.276) to EGP11.6 ($0.244). This collapse reduced market capitalization to $300 million, resulting in significant financial losses for shareholders, notably the Ghabbour family.
Due to a steep drop in the automaker’s stock, the Ghabbour family’s ownership has lost EGP1.02 billion ($21.54 million) in the last 19 days, bringing the market value of their holdings below $170 million.
