PH
The El-Sewedy family, one of Egypt’s most recognized billionaire families, has regained its billionaire status when shares in Elsewedy Electric, a leading electrical equipment firm, rose about 9%. The jump increased the market value of the family’s share in the top electrical firm to more than $1 billion.
The market value of the El-Sewedy family’s holding in Elsewedy Electric has increased by EGP4.11 billion ($86.43 million) in the last week, reaching EGP 50.25 billion ($1.06 billion) at the time of writing.
Between March 14 and 28, the market value of the family’s interest fell by EGP5.36 billion ($324.08 million), from EGP61.34 billion ($1.29 billion) to EGP45.98 billion ($970.05 million).
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’s shares on the Egyptian Exchange have increased by 8.91 percent in the last seven days. Its shares are now trading at EGP33.99 ($0.715), up from EGP31.21 ($0.656) on April 2. This spike pushed Elsewedy Electric’s market value past $1.5 billion, resulting in significant gains for shareholders, notably the El-Sewedy family.
Ahmed El-Sewedy and his siblings, Sadek and Mohammed, collectively own 68.1 percent of Elsewedy Electric, which equates to 1,478,358,330 ordinary shares.
The recent single-digit percent gain in Elsewedy Electric’s share price increased the market value of the El-Sewedy family’s interest by EGP4.11 billion ($86.43 million). The value increased from EGP46.14 billion ($970.36 million) on April 2 to EGP50.25 billion ($1.06 billion).
The spike demonstrates Elsewedy Electric’s durability and investor confidence in its future prospects, reinforcing the company’s position as a significant participant in the region’s electrical equipment manufacturing industry.
