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Egyptian tycoon Ahmed El-Sewedy, CEO of Elsewedy Electric, has seen the value of his stake in the multinational electrical company drop by more than $65 million in just nine days. This decline follows an earlier surge this month when his stake surged above $900 million.
El-Sewedy owns 546.2 million shares, representing a 25.52 percent stake in Elsewedy Electric. The market value of his stake fell from EGP43.86 billion ($902.73 million) on Aug. 17 to EGP40.7 billion ($837.64 million) at the time of this report, a decrease of $65.09 million.
Elsewedy Electric shares fall amid market caution
Founded in 1938 by the El-Sewedy family, Elsewedy Electric began as a small electrical shop and gradually grew into a multinational manufacturer of cables, transformers, meters, and infrastructure solutions. Over the decades, the company has played a key role in power projects across Africa and the Middle East.
Recently, Elsewedy Electric’s shares on the Egyptian Exchange (EGX) have fallen by 7.21 percent over nine days, dropping from EGP80.30 ($1.65) on Aug. 17 to EGP74.51 ($1.53) on Aug. 26. This decline pushed the company’s market capitalization below $3.5 billion and reflects the broader caution currently shaping Egypt’s equities market.
Year-to-date performance
Elsewedy Electric shares have fallen 1.81 percent so far this year. A $100,000 investment in the company at the start of January would now be worth around $98,190.
Despite this dip, institutional investors remain confident in the company, seeing it as a key player in the region’s energy and infrastructure sectors and betting on Egypt’s growing demand for power and industrial growth.
For Elsewedy, the decline highlights the risks of concentrated investments in emerging-market stocks. While the company remains one of Egypt’s leading industrial groups, short-term market swings continue to affect the billionaire’s personal wealth.
