Egyptian billionaire Hisham Talaat Moustafa, chairman of Talaat Moustafa Group (TMG) Holding, has experienced a significant decline in the market value of his stake in the real estate group, spurred by recent pull back on the Egyptian Exchange (EGX).
According to data tracked by Billionaires.Africa , Moustafa's stake in TMG Holding has decreased by EGP6.03 billion ($124.2 million) over the past 22 days due to sustained selling pressure. This follows a previous gain of $94.27 million recorded between June 9 and 21 , when his stake increased from $929.62 million to $1.02 billion.
TMG Holding's shares decline by 9.21%, market cap falls below $2.4 billionTMG Holding is a leading force in Egypt's real estate industry, with a long history dating back to its inception in 1974. Over the years, the company has grown to become the largest real estate holding company in Egypt, thanks to the visionary leadership of Moustafa.
Over the past 22 days, its shares on the EGX have declined by 9.21 percent, dropping from EGP61.99 ($1.28) on July 9 to EGP56.28 ($1.16). This drop has pushed TMG's market capitalization below $2.4 billion, leading to substantial losses for shareholders.
