The Ghabbour family, Egyptian billionaires, have seen a significant fall in their fortune as the market value of their investment in GB Corp has dropped by more than $32 million in recent times, owing to the decline in GB Corp’s shares.
The Ghabbour family’s interest in the Egypt-based automaker has dropped by EGP1.54 billion ($32.08 million) in the last 12 days, as investors on the local stock exchange continue to sell their stakes in the leading company.
The Ghabbour family’s automotive interests decreased by $21.5 million from March 21 to April 8.
GB Corp, founded in 1985 by late Egyptian auto magnate Raouf Ghabbour, is a major participant in automotive distribution and assembly in the Middle East and North Africa. The Ghabbour family currently has a 62.9 percent share in the company, cementing their position as important investors on the Egyptian Exchange.
Under the family’s leadership, GB Corp has expanded significantly, culminating in a recent rebranding attempt to integrate its businesses, which include GB Auto, GB Capital, GB Logistics, GB Ventures, GB Academy, and the Ghabbour Foundation for Development.
Since April 15, GB Corp shares on the Egyptian Exchange have decreased by 18.67%, from EGP 12.05 ($0.25174) to EGP 9.80 ($0.2047). This decrease has reduced the market value to below $225 million, resulting in huge financial losses for shareholders, notably the Ghabbour family.
As a result, the market value of the wealthy Ghabbour family’s interest has dropped by EGP1.54 billion ($32.08 million) in the last 12 days, from EGP8.23 billion ($171.79 million) on April 15 to EGP6.69 billion ($139.71 million).
Despite a recent drop in the market value of their stock, the family remains one of the most wealthy investors on the Egyptian Exchange. They are among Egypt’s wealthiest families, contributing significantly to the country’s economy.