Biography Of Medhat Khalil (Age , Wife , Net Worth) – An Egyptian multimillionaire businessman, has lost EGP809.7 million ($42.7 million) on the market value of his investment in Raya Holding for Financial Investments in the last 15 weeks, as investors continue to cut stakes in hazardous assets.
Raya Holding is an Egyptian investment conglomerate created in 1999 by the merging of Khalil and Orascom Group subsidiaries. The businessman currently controls 58.1 percent of the corporation, or 1,245,661,205 shares.
Shares in the Egyptian investment conglomerate were worth EGP1.84 ($0.097) per share as of press time on July 21, 26.1 percent less than their closing price of EGP2.49 ($0.132) on April 7, as investors continue to reduce their risk exposure to preserve wealth and mitigate equity market volatility after the Central Bank of Egypt raised its policy rate to cool inflationary pressures.
According to Billionaires.Africa statistics, Khalil’s 58.1-percent ownership has decreased in value by EGP809.7 million ($42.7 million) from EGP3.1 billion ($163.81 million) on April 7 to EGP2.29 billion ($121.05 million), due to a 26.1-percent reduction in Raya Holding share price.
The price decrease corresponds to the conglomerate’s strategic intentions to develop its activities in the technology sector while cutting operational expenses, as indicated in its strategic expansion roadmap.
Raya Holding has inked a strategic collaboration agreement with Huawei Egypt to work on the creation of clean-energy data centers as part of its efforts to achieve carbon neutrality and build a green future.
To complete its non-banking financial services system, Aman Holding, one of its subsidiaries, recently announced plans to create two firms under the name “Aman” for securitization and consumer finance.
The move is consistent with the company’s ambitions to boost the number of small and medium-sized enterprises that use its digital services to fund their operations, as well as capitalize on the region’s fast use of the Internet and e-commerce services.
Aman Holding intends to issue a fourth securitization bond for about EGP500 million ($26.7 million) to support medium- and long-term operations associated with the launch of its new businesses.