- Hani Berzi lost $9.29 million in wealth as shares of Edita Food Industries dropped 5.11% on the Egyptian Exchange in just five days.
- Berzis 41.95% stake in Edita Food Industries fell below $175 million, continuing a downward trend driven by macroeconomic challenges and currency devaluation.
- Edita's stock has dropped 43.59% in dollar terms year-to-date, exacerbated by the Egyptian pound's devaluation and inflationary pressures.
Egyptian businessman Hani Berzi experienced a sharp decline in his wealth as shares of Edita Food Industries, the Cairo-based packaged snack food group, plunged on the Egyptian Exchange (EGX) , wiping out more than $9 million in value.
Over the past five days, Berzi, who holds a significant 41.95 percent stake in the company, saw the value of his shares fall by EGP448.92 million ($9.29 million), dragging his overall stake below the $175 million mark.
The recent downturn comes after losses from Aug. 13 to 23, when Berzi's holdings fell by $11.63 million . The value of his stake dropped from EGP8.92 billion ($182.77 million) to EGP8.35 billion ($171.14 million), adding to the financial strain.
Editas stock performanceEdita Food Industries, a leading player in Egypts expanding packaged snack food market, produces a wide range of popular products including cakes, croissants, rusks, and wafers.
Despite its dominant position, the company has struggled to maintain shareholder value amid macroeconomic challenges. Over the past five days, Edita's stock fell 5.11 percent , sliding from EGP28.99 ($0.6) to EGP27.51 ($0.57), dragging its market capitalization below $400 million.
