Adding to his series of wealth gains this year, Egyptian multimillionaire businessman Sadek Elsewedy, co-founder and non-executive chairman of Elsewedy Electric, has enjoyed another significant boost in the market value of his stake in the company, further cementing his position among the country's wealthiest businessmen.
According to data tracked by Billionaires.Africa , Sadek Elsewedy's stake in Elsewedy Electric has increased by EGP1.55 billion ($32 million) over the past 19 days, as investors on the Egyptian Exchange (EGX) continue to increase their position in the Egypt-based multinational electrical company.
Elsewedy Electric's recent rebound pushes market cap above $2 billionElsewedy Electric , founded in 1938 by the El-Sewedy family, has been instrumental in shaping Egypt's electrical industry landscape, contributing substantially to projects across the Middle East and North Africa.
Over the past 19 days, the company's shares on the EGX have risen by 6.5 percent, from EGP 44.04 ($0.91) on July 16 to EGP 46.92 ($0.96). This increase has pushed the company's market capitalization above $2 billion, returning significant gains to shareholders.
