In a startling case of billionaire loss, the Ghabbour family, renowned Egyptian magnates, have seen their equity stake in GB Corp plummet by a staggering $26 million in just 43 days.
This decline is attributed to a significant drop in the group’s share price, which has left the financial community buzzing.
According to reports from newsmen, the Ghabbour family’s stake in the Egypt-based automaker has dwindled by EGP 805.68 million ($26.03 million) since the 2nd of August.
This comes as local investors have been steadily pulling out of the company, contributing to the family’s financial setback.
What to know about the Ghabbour Billionaire family
GB Corp, a brainchild of the late Egyptian auto tycoon Raouf Ghabbour, was founded in 1985 and has since evolved into a leading automobile distributor and assembler in the Middle East and North Africa.
The Ghabbour family currently holds a substantial 62.9-percent stake in the company, making them one of the wealthiest investors on the Egyptian Exchange.
Under the family’s guidance, GB Corp has been on an expansion spree, most recently undergoing a rebranding initiative.
This move aimed to consolidate the group’s various subsidiaries, including GB Auto, GB Capital, GB Logistics, GB Ventures, GB Academy, and the Ghabbour Foundation for Development.
Losses recorded by the billionaire family in the past few days
Since the 2nd of August, the company’s shares have taken a 17.38 per cent nosedive on the Egyptian stock exchange.
The share price fell from EGP 6.79 ($0.2195) to EGP 5.61 ($0.1813), resulting in significant financial losses for shareholders, particularly the Ghabbour family.
This billionaire loss has seen the market value of their stake shrink from EGP 4.64 billion ($149.81 million) to EGP 3.83 billion ($123.78 million) in the span of 43 days.
Despite this recent financial turbulence, the Ghabbour family continues to be among the most affluent investors on the Egyptian stock exchange, although this episode serves as a cautionary tale for all.
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