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The wealthy Khamis family of Egypt, renowned for their pivotal role in the carpet industry, has seen their stake in Oriental Weavers, a leading global manufacturer of machine-made carpets, surge by millions of dollars in recent weeks.
Data from Billionaires.Africa shows a rise of EGP699.95 million ($14.77 million) in the market value of the Khamis family’s holding over the past 11 days. This is attributed to renewed investor interest, driving active share purchases in the Cairo-based company on the Egyptian Exchange.
This uptick builds on earlier gains recorded between April 1 and 22. During that period, the market value of their Oriental Weavers stake soared by EGP903.16 million ($18.76 million), climbing from EGP6.96 billion ($144.59 million) to EGP7.87 billion ($163.35 million).
Oriental Weavers share price climbs
The Khamis family, one of Egypt’s wealthiest, holds a majority stake in Oriental Weavers, a leading carpet manufacturer with a global presence. The company’s products are sold in over 150 countries, solidifying its position as a key player in the Middle East and North Africa.
Led by prominent business executive Yasmine Mohamed Khamis and her siblings, the family maintains a controlling interest of 56.58 percent in the Cairo-based carpet giant, which boasts production facilities across three countries.
Oriental Weavers shares on the Egyptian Exchange have recently experienced a 10.63-percent surge, rising from EGP17.49 ($0.37) on April 30 to EGP19.35 ($0.41) at the time of writing. This jump has propelled the company’s market capitalization above $270 million, translating to noteworthy gains for shareholders.
Khamis family remains top investor on Egyptian Exchange
As a result of the share price increase, the market value of the Khamis family’s stake in Oriental Weavers has jumped by EGP699.95 million ($14.77 million) over the past 11 days, rising from EGP6.58 billion ($138.87 million) on April 30 to EGP7.28 billion ($153.64 million) as of this report.
This recent surge further solidifies the Khamis family’s position as leading investors on the Egyptian Exchange and underscores their prominence among Egypt’s wealthiest families.
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