Egyptian businessman Safwan Thabet’s Juhayna stake drops $71 million
Safwan Thabet’s stake in Juhayna fell by $71 million as shares slid on the Egyptian Exchange, trimming the food maker’s market cap this November.
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Safwan Thabet’s stake in Juhayna fell by $71 million as shares slid on the Egyptian Exchange, trimming the food maker’s market cap this November.
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The decline stems from a steep fall in the company’s share price on the EGX, reflecting growing investor caution.
Thabet has watched the value of his stake slump by $44.99 million over the past 26 days. His holdings are now worth around $260 million.
This payout, which more than double what he received last year, underscores Edita’s strong financial position and its commitment to rewarding shareholders.
Juhayna shares have plunged over 18% in six weeks, wiping over $65 million from Egyptian businessman Safwan Thabet’s stake.
Edita Food Industries plans a $2.76 million capital boost via retained earnings, doubling issued capital to $5.53 million as part of its regional expansion strategy.
The recovery follows a sharp decline between Jan. 1 and Feb. 7, when the market value of his stake dropped by EGP 2.84 billion ($56.48 million).