Connect with us

Africa

Egypt’s multimillionaire Khamis family gains $14.8 million from Oriental Weaver stake


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.



Source link

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *