PH
Egyptian billionaire Hisham Talaat Moustafa has joined the African billionaire club, with his share in TMG Holding, a major participant in Egypt’s real estate market, exceeding $1.3 billion. Moustafa’s fortune increased by approximately $400 million in just 21 days, fuelled by continued investor euphoria on the Egyptian Stock Exchange.
This swift financial success highlights the outstanding performance of Moustafa’s shares in the Cairo-based real estate holding business. His fortune has increased significantly this year, propelling him into Africa’s elite billionaire ranks alongside Nassef Sawiris, Christo Wiese, Patrice Motsepe, and others.
Moustafa’s stake in TMG has increased by EGP 12.07 billion ($390.5 million) since January 23. This growth is connected to renewed investor interest in the Egyptian Exchange, resulting in a steady rise in TMG shares.
TMG Holding has been a leader in Egypt’s real estate business since 1974. Moustafa’s innovative leadership has helped the company expand into one of Egypt’s major real estate holdings throughout the years.
Moustafa is not only one of the wealthiest investors on the Egyptian Exchange, but also one of the wealthiest people in North Africa, thanks to his 43.16 percent stake in TMG, which translates into 890,633,483 ordinary shares.
TMG’s share price on the Egyptian Exchange has risen 42.28 percent in the last 21 days, from EGP32.05 ($1.037) on January 23 to EGP45.60 ($1.476). The increase in the shares of the real estate holdings has pushed its market value above $3 billion.
The market value of Moustafa’s stake has increased by EGP12.07 billion ($390.5 million) during the last 21 days, from EGP28.54 billion ($923.67 million) on Jan. 23 to EGP40.61 billion ($1.31 billion) on Feb. 13. This is due to the group’s share price increasing by double digits.
This significant increase not only confirms Moustafa’s position as one of the most powerful investors on the Egyptian Stock Exchange, but also positions him as one of Africa’s few billionaires. He has now joined the exclusive ranks of wealthy families like El-Sewedy, Sawiris, Mansour, Rupert, and Oppenheimer.
