The Egyptian Ghabbour family has witnessed a substantial decrease in the market value of their holdings in GB Corp., with their stake slipping below the $200 million mark, attributed to a significant drop in the company's share price on the Egyptian Exchange (EGX).
According to data tracked by Billionaires.Africa , the Ghabbour family's stake in the Egypt-based automaker has declined by EGP894.67 million ($18.27 million) over the past 28 days. This decrease follows a $57.06 million gain from June 9 to July 13 , when the market value of their investment surged from $144.81 million to $201.87 million.
GB Corp.'s shares dip cuts Ghabbour family wealthFounded in 1985 by Egyptian auto magnate Raouf Ghabbour, GB Corp. remains a major player in the automotive sector in the Middle East and North Africa. The Ghabbour family, holding a 63.4 percent stake, continues to play a crucial role in the company.
GB Corp.'s shares dropped 8.82 percent on the EGX , falling from EGP14.74 ($0.30) on July 18 to EGP13.44 ($0.27). This decline has pushed the company's market cap below $300 million, causing significant losses for shareholders.
