Table of Contents
The El-Sewedy family, Egypt’s newest billionaire family, has witnessed a substantial decline in the market value of their joint stake in Elsewedy Electric, with losses totaling $76 million over the past eight days.
This downturn follows their remarkable achievement just four weeks ago when they crossed the coveted $1 billion threshold on the Egyptian Stock Exchange (EGX) on Sept. 6. Although their fortunes have dwindled recently, their joint stake still hovers above the $1-billion mark.
Following their recent rise to prominence, data tracked by Billionaires.Africa revealed that the market value of the El-Sewedy family’s stake in Elsewedy Electric has slumped by EGP2.35 billion ($76 million) in the past eight days.
This decline was driven by a significant pullback in the company’s shares, mainly attributed to profit-booking activities among investors on the EGX.
Established in 1938 by the El-Sewedy family, Elsewedy Electric is a well-known player in the electrical equipment manufacturing industry. The company has played a pivotal role in numerous electrical projects across the Middle East and North Africa.
Ahmed El-Sewedy and his siblings, Sadek and Mohammed, hold a controlling and beneficial stake of 68.1 percent in the company, equivalent to a staggering 1,478,358,330 ordinary shares.
The company’s shares on the Egyptian Exchange have declined by 6.7 percent in recent times, falling from EGP 23.79 ($0.77) on Sept. 25 to EGP 22.2 ($0.71), thereby pushing the company’s market capitalization below the $1.6-billion mark
As a result of this recent slump in the company’s share price, which has resulted in substantial losses for shareholders, the market value of the El-Sewedy family’s joint shareholding has fallen from EGP 35.17 billion ($1.137 billion) to EGP 32.82 billion ($1.061 billion) from Sept. 25 to Oct. 3.
This represents a loss of EGP 2.35 billion ($76 million) for the billionaire family. Despite this financial setback, the El-Sewedy family still retains their status as one of Egypt’s billionaire families, a position they achieved less than a month ago.
The intelligence satisfies curiosity. The paid briefings satisfy strategy.
Every Monday, Elite subscribers receive an Investor Memo breaking down the deal, the structure and the positioning behind the week's most consequential African wealth story - the kind of analysis that doesn't appear anywhere else.
Twice a month, a Wealth Intelligence brief profiles a single billionaire's holdings, cash flows and expansion pipeline in detail no public source matches.
→ Executive ($25/mo): Daily newsletter + Deep-Dive Reports
→ Elite ($75/mo): Everything above + Investor Memos + Wealth Intelligence + Quarterly Analyst Briefings
Subscribe now
