The affluent Khamis family of Egypt, known for their crucial role in the carpet industry, earned approximately $13 million from their share in Oriental Weavers in the first 15 days of the new year.
The recent uptick on the Egyptian Exchange is the result of continued buying activity, which is primarily driving the growth in Oriental Weavers shares. This spike has resulted in a large cash gain for Egypt’s multimillionaire family, totaling millions of dollars.
According to Billionaires.Africa, the Khamis family’s interest in Oriental Weavers has climbed by EGP398.89 million ($12.91 million) since the beginning of the year, as investors on the local bourse continue to raise their stakes in the Cairo-based firm.
The Khamis family, one of Egypt’s wealthiest, has a majority position in Oriental Weavers, a global carpet maker. The company’s products are sold in over 150 countries, establishing it as a major player in the MENA area.
Members of the famed Egyptian family, which includes senior business leader Yasmine Mohamed Khamis and her siblings, own a controlling 56.58 percent stake in the leading Cairo-based carpet producer, which has production sites in three countries.
Oriental Weavers’ shares on the Egyptian Exchange have increased by 6.27 percent since the beginning of the year, rising from EGP16.91 ($0.547) on January 1 to EGP17.97 ($0.582), bringing its market capitalization above $380 million at the time of writing. This rising momentum has resulted in multimillion-dollar profit for the shareholders.
As a result of the recent percentage increase in share price, the market value of the Khamis family’s holding has increased by EGP398.89 million ($12.91 million), from EGP6.36 billion ($205.95 million) on January 1 to EGP6.76 billion ($218.86 million) at the time of writing.
The recent increase in the market value of their investment in Oriental Weavers cements their place among Egypt’s wealthiest families and top investors on the Egyptian Exchange.