Egyptian businessman Medhat Khalil, founder and chairman of Raya Holding, has seen his net worth plummet, losing millions of dollars due to a dramatic drop in the market value of his interest in the Egypt-based investment conglomerate.
According to HowAfrica statistics, Khalil’s investment in Raya Holding has lost $41.5 million in market value since the beginning of the year, adding to a long list of investors who have suffered big losses in publicly traded companies.
Raya Holding, created in 1999 through a combination of firms owned by Medhat Khalil and Orascom Group, is a prominent participant in the Egyptian investment landscape.
Khalil controls Raya Holding with a 58.1 percent interest, totaling 1,245,661,205 shares. Nonetheless, the value of these shares has been significantly harmed by the group’s shares on the Egyptian Exchange’s lengthy slump.
Raya Holding’s share price has dropped by more than 32% since the beginning of the year, falling from EGP 3.21 ($0.1039) to EGP 2.18 ($0.0706) at the time of publishing.
During the same time period, the market value of Khalil’s conglomerate shares fell significantly, from EGP 3.9 billion ($129.4 million) on January 1 to EGP 2.7 billion ($87.8 million) on July 28. This loss brings the Egyptian businessman’s overall loss to more than $41.5 million since the beginning of the year.
Despite these hurdles, Khalil, noted for his commitment to expansion and innovation, remains one of the Egyptian Exchange’s wealthiest investors.
The drop in Raya Holding’s shares and the subsequent impact on Khalil’s net worth highlight the difficulties investors face in the current economic climate.