Egyptian tycoon Medhat Khalil earns nearly $23 million in just five days

by MMC
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Egyptian tycoon Medhat Khalil, founder and chairman of Raya Holdings, a Cairo-based investment conglomerate, made substantial gains, totaling millions of dollars, as the group’s shares rose on the Egyptian Stock Exchange over the past five last days.

According to data tracked by Billionaires.AfricaThe market value of Khalil’s stake in Raya Holdings jumped $22.99 million over the past five days, as investors continue to increase their holdings in the Cairo-based investment conglomerate.

This substantial increase follows a Gain of $37.8 million recorded between January 1 and 11when the market value of its stake in Raya Holdings increased from EGP 3.35 billion ($108.45 million) to EGP 4.52 billion ($146.34 million).

Raya Holdings shares jump 14.25 percent, pushing market cap above $300 million

Raya Holdings, established in 1999 following a merger between entities owned by Khalil and Orascom Group, is a key player in the Egyptian investment landscape. Khalil owns a controlling stake of 58.1 percent in Raya Holdings, representing a total of 1,245,661,205 shares in the group.

The stock price of Raya Holdings on the Egyptian exchange jumped 14.25% in the last five days, from EGP 4 ($0.129) on January 22 to EGP 4.57 ($0.148) at the time of writing, propelling the group’s market capitalization above $300 million.

Khalil’s stake in Raya Holding exceeds $180 million

With the rise in Raya shares, the market value of Khalil’s stake in the group increased by EGP 710.03 million ($22.99 million) over the last 5 days from EGP 4.98 billion ($161 million). .37 million) on January 22 at EGP 5.69. billion ($184.37 million) at the time of writing.

The recent increase in his stake in Raya Holdings, which contributes significantly to his multi-million dollar fortune, consolidates his position as one of the high-value investors on the Egyptian stock market and one of the richest people in the country.

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