Medhat Khalil, founder and chairman of Raya Holding, a renowned investment conglomerate, has seen his wealth increase by almost $4 million in the previous 8 days due to the recent spike in the company’s shares on the Egyptian Exchange (EGX).
Khalil’s Raya Holding investment has climbed by EGP191.93 million ($4.02 million) in the last eight days. This growth coincides with a double-digit increase in the group’s shares on the Egyptian Exchange (EGX), indicating that investors remain interested in the company.
Khalil’s stake increased by $4.23 million between May 15 and 28, from EGP1.16 billion ($24.66 million) to EGP 1.36 billion ($28.89 million).
Raya Holding, founded in 1999 through a merger of Khalil’s enterprises and the Orascom Group, is a leading investment player in Egypt. The company’s share price increased 15.1 percent from EGP3.31 ($0.069) on June 9 to EGP3.81 ($0.08), bringing the company’s market capitalization above $170 million and providing significant profits to stockholders.
The market value of Khalil’s 18.37 percent interest, which amounts to 383,851,916.40 shares, has climbed by EGP191.93 million ($4.02 million) in the last eight days, from EGP1.27 billion ($26.63 million) to EGP1.46 billion ($30.66 million). This solidifies Khalil’s status as a leading figure on the Egyptian Exchange and one of the country’s wealthiest persons.
Although the share price has increased by about 35% in local currency, the Egyptian pound’s devaluation versus the US dollar has reduced returns.
After accounting for currency depreciation, the pound has lost 12.8% of its value year to date. As a result, a $100,000 investment in Raya Holding at the beginning of the year is now worth only $87,200 owing to currency devaluation.