The Egyptian Ghabbour family’s investment in GB Corp. has fallen below $200 million, owing to a dramatic reduction in the company’s share price on the Egyptian Exchange (EGX).
The Ghabbour family’s stake in the Egypt-based manufacturer has dropped by EGP894.67 million ($18.27 million) in the last 28 days. This reduction comes after a $57.06 million gain between June 9 and July 13, when the market value of their investment increased from $144.81 million to $201.87 million.
Raouf Ghabbour, an Egyptian auto magnate, founded GB Corp. in 1985, and it remains a prominent participant in the Middle East and North Africa automotive business. The Ghabbour family, with a 63.4 percent share, continues to play an important role in the company.
GB Corp.’s share price fell 8.82 percent on the EGX, from EGP14.74 ($0.30) on July 18 to EGP13.44 ($0.27). This fall has reduced the company’s market capitalization below $300 million, resulting in huge losses for stockholders.
The Ghabbour family’s share in GB Corp. has fallen by EGP894.67 million ($18.27 million), to less than $200 million. The shareholding decreased from EGP10.14 billion ($207.2 million) on July 18 to EGP9.25 billion ($188.93 million).
Your Money and Life
GB Corp.’s stock has climbed 70.13 percent this year. However, since March 2024, the Egyptian pound has devalued against the dollar, reducing these gains to 7.4 percent. A $100,000 investment at the beginning of 2024 is now worth $107,400, representing a $7,400 profit.