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Egyptian billionaire Hisham Talaat Moustafa, chairman of Talaat Moustafa Group (TMG) Holding, has seen his fortune decline by over $109 million in the past week as shares of his company, TMG Holding, continue to decline.
According to data tracked by Billionaires.Africa, Moustafa’s stake in TMG Holding has decreased by EGP5.29 billion ($109.87 million) over the past seven days, reflecting a trend of investors reducing their holdings in the group.
Moustafa had already faced losses of $180.19 million in TMG from March 9 to April 5, when the market value of his stake in the group declined from EGP68.68 billion ($1.45 billion) to EGP60.14 billion ($1.27 billion).
TMG Holding’s shares decline by 8.66 percent
TMG Holding is a leading force in Egypt’s real estate industry, with a long history dating back to its inception in 1974. Over the years, the company has grown to become one of the largest real estate holdings in Egypt, thanks to the visionary leadership of Moustafa.
Since April 15, its shares on the Egyptian Exchange have declined by 8.66 percent, dropping from EGP 68.62 ($1.425) to EGP 62.68 ($1.302). This drop pushed market capitalization below $2.7 billion, leading to substantial losses for shareholders.
Moustafa’s wealth takes a hit on TMG Holdings’ decline
Moustafa, a major investor on the Egyptian Exchange (EGX) and one of North Africa’s wealthiest individuals, holds a 43.16 percent stake in TMG Holdings (TMGH), amounting to 890,633,483 ordinary shares.
A recent decline in TMGH’s share price has resulted in a significant EGP 5.29 billion ($109.87 million) decrease in the market value of Moustafa’s holding. This drop brings the value down from EGP61.12 billion ($1.27 billion) on April 15 to EGP55.82 billion ($1.16 billion).
Despite these setbacks, Moustafa remains a prominent investor on the EGX and a leading figure among North Africa’s wealthiest individuals.
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