Yasseen Mansour, an Egyptian Billionaire, has seen his interest in Palm Hills Developments fall by more than $1.5 million in recent months, as shares in the Cairo-based real estate firm have fallen by double digit percent due to a continuous sell-off on the Egyptian Stock Exchange.
According to data, the market value of Mansour’s interest in Palm Hills Developments has dropped by EGP 46.53 million ($1.51 million) since June 12, as local bourse investors continue to sell their holdings in the Egypt-based real estate developer.
Palm Hills Development is a well-known real estate developer with active operations in Egypt. It is an operating subsidiary of Egypt’s largest conglomerate, Mansour Group. The firm creates residential, business, and resort communities.
Mansour, the chairman of Palm Hills Development and one of Egypt’s and Africa’s wealthiest individuals, owns a hefty 6.87-percent ownership in the Cairo-based real estate corporation, which corresponds to 202,291,698 ordinary shares.
As of press time on August 10, shares in the real estate firm were worth EGP 1.98 ($0.06408) per share, 10.41% more than their opening price on June 12, as investors continued buying interest in the company’s shares after the stock price fell below crucial levels.
Palm Hills’ year-to-date performance on the Egyptian Stock Exchange remains negative, with the share price falling from EGP2.01 ($0.06796) at the beginning of the year to EGP1.98 ($0.06408) at the time of writing, representing a 1.49 percent loss for shareholders.
As a result of the double-digit loss in the firm’s shares, the market value of Mansour’s 6.87-percent interest in the real estate firm has fallen from EGP 447.06 million ($14.47 million) at the start of the year to EGP400.54 million ($12.96 million) at the time of writing this article.
This corresponds to a total loss of EGP 46.53 million ($1.51 million) for the Egyptian millionaire, who is also a shareholder in Egypt’s largest conglomerate, Mansour Group.
Despite the decline in the market value of his Palm Hills investment, Mansour remains one of Africa’s richest men.