PH
Egyptian billionaire Yasseen Mansour, chairman of major real estate developer Palm Hills Developments, has seen his wealth diminish as the company’s share price on the Egyptian Exchange has fallen.
The market value of Mansour’s Palm Hills Developments shareholding has dropped by EGP 245.31 million ($5.12 million) in the last 16 days. This reduction comes after Mansour’s investment increased from $13.61 million to $15.44 million between March 20 and April 10.
Palm Hills, a Mansour Group subsidiary, is a renowned Egyptian developer specializing in integrated residential, commercial, and resort complexes. Yasseen Mansour, a notable Egyptian millionaire, owns 10.17 percent of Palm Hills, which equates to 299 million ordinary shares.
Palm Hills’ Egyptian Exchange share price has dropped by 20.15 percent since April 17, from EGP4.07 ($0.085) to EGP3.25 ($0.068). The share price decrease has reduced the company’s market capitalization below $200 million, resulting in significant financial losses for stockholders.
Palm Hills’ share price has dropped by double digits, significantly impacting the market value of Yasseen Mansour’s ownership in the company.
Since April 17, his stake’s worth has decreased by EGP245.31 million ($5.12 million), from EGP1.22 billion ($25.39 million) to EGP 972.27 million ($20.28 million).
Despite a recent fall in the market value of his Palm Hills holdings, Mansour remains one of Egypt’s wealthiest men. His $1.2-billion net worth places him among Africa’s billionaires and ranks him as the world’s 2,502nd richest person.
