PH
Egyptian billionaire businessman Hisham Talaat Moustafa, chairman of Talaat Moustafa Group (TMG) Holding, has seen his wealth expand as his share in the biggest real estate company has grown significantly.
Moustafa’s stake in TMG Holding has increased by EGP2.77 billion ($59.19 million) during the last eight days, according to stock market data. This increase is due to increased investor interest in the Cairo-based corporation on the Egyptian Exchange (EGX).
From April 28 to May 13, his shareholding increased by an astonishing EGP9.42 billion ($198.81 million). During this time, the market value of his shares increased from EGP45.42 billion ($958.34 million) to EGP54.85 billion ($1.16 billion).
TMG Holding, a pioneer in Egypt’s real estate sector since its inception in 1974, has expanded into one of the country’s largest real estate holdings under Moustafa’s leadership.
TMG Holding’s EGX shares have risen 5.39 percent in the previous week, from EGP 57.66 ($1.23) on May 15 to EGP 60.77 ($1.30). This growth pushed the company’s market capitalization past $2.6 billion, resulting in significant benefits for stockholders.
Moustafa is one of the wealthiest investors on the Egyptian Exchange and one of the richest people in North Africa, thanks to his 43.16 percent holding in TMG, which includes 890,633,483 ordinary shares.
With the recent jump in TMG shares, the market value of Talaat Moustafa’s stake has increased by EGP2.77 billion ($59.19 million), from EGP51.35 billion ($1.1 billion) on May 15 to EGP54.12 billion ($1.16 billion) at the time of writing.
This substantial increase not only confirms Moustafa’s position as one of the most prominent investors on the EGX, but also propels him into the ranks of Africa’s billionaires.
While Moustafa’s position has recently increased significantly, investors in TMG shares have gained 56.02 percent in local currency since January 30. However, when accounting for the Egyptian pound’s devaluation, this translates into a relatively modest 3.03 percent year-to-date gain.
A $100,000 investment in TMG from January 30 is worth $103,112 at the time of reporting, showing a $3,034 increase. After accounting for the weaker Egyptian currency, the overall benefit was reduced to 3.03 percent.
