Egyptian billionaire Hani Berzi's wealth has seen a notable decline, as the market value of his stake in Edita Foods Industries tumbled by over $11 million in the past ten days. This decline is linked to the recent slide in the company's stock price on the Egyptian Exchange (EGX).
According to data tracked by Billionaires.Africa , the market value of Berzi's stake in Edita Foods has dropped by EGP567.21 million ($11.63 million) over the past ten days, due to the recent decline in the company's share price.
Edita Foods' market cap slumps below $400 millionEdita Foods Industries leads Egypt's rapidly expanding packaged snack food market. The company produces and distributes various branded snack items such as cakes, croissants, rusks, and wafers through its broad retail network.
Since Aug. 13, Edita Foods' share price on the EGX has dropped 6.36 percent, falling from EGP 29.4 ($0.6025) to EGP 27.53 ($0.5642). This decline has pushed the company's market capitalization below $400 million, leading to losses for investors, including Berzi.
