PH
The El-Sewedy family, known as one of Egypt’s billionaire families, has seen a considerable increase in their wealth. Their stake in Elsewedy Electric has increased to $1.6 billion due to recent share price increases on the Egyptian Exchange.
In the last two weeks, the market value of the El-Sewedy family’s holding in Elsewedy Electric increased by EGP4.02 billion ($129.96 million). The recent jump is being driven by increased investor interest in the Cairo-based firm.
Elsewedy Electric was founded in 1938 by the El-Sewedy family and has played an important role in the electrical equipment manufacturing sector, contributing considerably to different projects around the Middle East and North Africa.
Elsewedy Electric shares have risen 8.84 percent in 14 days, from EGP30.78 ($0.995) on Feb. 6 to EGP33.50 ($1.083). This boost has increased its market capitalization to more than $2.3 billion, with stockholders profiting by millions of dollars in the last two weeks.
Ahmed El-Sewedy and his siblings, Sadek and Mohammed, own 68.1 percent of the corporation, which translates to 1,478,358,330 ordinary shares.
As a result of the recent increase in the company’s shares, the market value of the family’s joint ownership has increased by EGP4.02 billion ($129.96 million), from EGP45.5 billion ($1.47 billion) on February 6 to EGP49.53 billion ($1.6 billion) at the time of writing.
This increase in the market value of the family’s interest strengthens their position as one of Egypt’s billionaires and important investors on the Egyptian Exchange.
