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Egyptian tycoon Medhat Khalil, the founder and chairman of Raya Holdings, a Cairo-based investment conglomerate, has achieved substantial gains, totaling millions of dollars, due to the surge in the group’s shares on the Egyptian Exchange over the past five days.
According to data tracked by Billionaires.Africa, the market value of Khalil’s stake in Raya Holdings has surged by $22.99 million over the past five days, as investors continue to increase their holdings in the Cairo-based investment conglomerate.
This substantial increase follows a $37.8-million gain recorded between Jan. 1 and Jan. 11, when the market value of his stake in Raya Holdings soared from EGP3.35 billion ($108.45 million) to EGP4.52 billion ($146.34 million).
Raya Holdings’ shares surge 14.25 percent, pushing market cap above $300 million
Raya Holdings, formed in 1999 as a result of a merger between entities owned by Khalil and Orascom Group, stands as a key player in the Egyptian investment landscape. Khalil owns a majority stake of 58.1 percent in Raya Holdings — a total of 1,245,661,205 shares in the group.
The share price of Raya Holdings on the Egyptian Exchange has surged by 14.25 percent over the past five days, climbing from EGP4 ($0.129) on Jan. 22 to EGP4.57 ($0.148) at the time of drafting this report — thus propelling the group’s market capitalization above $300 million.
Khalil’s stake in Raya Holding surpasses $180 million
With the surge in Raya shares, the market value of Khalil’s stake in the group has increased by EGP710.03 million ($22.99 million) in the last 5 days, from EGP4.98 billion ($161.37 million) on Jan. 22 to EGP5.69 billion ($184.37 million) at the time of writing this report.
The recent surge in his stake in Raya Holdings, which contributes significantly to his multimillion-dollar fortune, solidifies his position as one of the high-value investors on the Egyptian Exchange and one of the country’s wealthiest individuals.
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