Egypt’s affluent El-Sewedy family’s investment portfolio has partially recovered, with their share in Elsewedy Electric increasing by approximately $120 million.
Over the last ten days, the El-Sewedy family’s stake in Elsewedy Electric has increased by EGP5.59 billion ($117.9 million), mirroring a significant increase in the major conglomerate’s shares on the Egyptian Exchange.
Elsewedy Electric was founded in 1938 by the El-Sewedy family and has played an important role in creating the electrical industry landscape, contributing significantly to projects throughout the Middle East and North Africa.
Elsewedy Electric’s shares on the Egyptian Exchange have increased by 12.17% in 10 days, from EGP 31.05 ($0.6550) on April 30 to EGP 34.83 ($0.7348). This increase has pushed the company’s market capitalization past $1.5 billion, resulting in rewards for its stockholders.
Ahmed El-Sewedy and his siblings, Sadek and Mohammed, own a majority stake in the company and act as board leaders. Elsewedy Electric’s rich family owns 68.1% of the company, which translates to 1,478,358,330 ordinary shares.
According to data, the double-digit percentage growth in Elsewedy Electric’s share price has increased the market worth of the El-Sewedy family’s joint holding by EGP 5.59 billion ($117.91 million) in the last ten days.
The family’s joint interest in Elsewedy Electric increased from EGP45.9 billion ($968.4 billion) on April 30 to EGP51.49 billion ($1.09 billion). The recent increase in Elsewedy Electric shares demonstrates the company’s resilience and investor confidence in its prospects.