Egypt’s Khamis family, a global carpet business leader, has suffered a nearly $10 million financial loss from joint stakes in Oriental Weavers. The company’s share price has fallen significantly due to recent selling pressures on the Egyptian Exchange (EGX).
Over the last two weeks, the Khamis family’s stake in Oriental Weavers has lost EGP462.87 million ($9.54 million). This comes after a $7.5 million loss between July 31 and August 12, when the value of their stake dropped from EGP9.23 billion ($187.38 million) to EGP8.86 billion ($179.9 million).
Oriental Weavers, a renowned carpet maker with a global presence in more than 150 countries, has had its share price fall by 4.18 percent in the last 16 days. The price dropped from EGP25.14 ($0.52) on August 20 to EGP23.91 ($0.49) as of the most recent data.
This loss has reduced the company’s market capitalization to less than $330 million, affecting its owners, including the Khamis family, which has a controlling 56.58 percent stake in the largest carpet maker.
The Khamis family’s stakes in Oriental Weavers have decreased from EGP9.46 billion ($194.91 million) on Aug. 20 to EGP9 billion ($185.38 million), resulting in a loss of EGP462.87 million ($9.54 million), as tracked by Billionaires.Africa.
Despite these defeats, the Khamis family remains one of Egypt’s wealthiest and most important investors. Their controlling interest in Oriental Weavers is a critical component of their financial portfolio, demonstrating their importance in the carpet manufacturing business.
Oriental Weavers’ share price began 2024 at EGP16.91 ($0.55) and has since risen to EGP23.91 ($0.49), reflecting a 41.4% increase in constant currency terms.
However, the Egyptian pound’s decline has had an impact on dollar-denominated investor returns. This currency volatility resulted in a 9.84 percent decrease in value. A $100,000 investment in Oriental Weavers shares at the start of the year is now worth around $90,160, a $9,840 drop owing to currency fluctuations.