The Khamis family, a leading Egyptian business family recognized for their significant contributions to the carpet industry, has seen a notable decrease in their wealth. Their stake in Oriental Weavers has fallen by nearly $7.5 million due to recent selling pressures, on the Egyptian Exchange (EGX).
According to data tracked by Billionaires.Africa the market value of the Khamis family's stake in Oriental Weavers has declined by EGP368.79 million ($7.49 million) over the past twelve days. The decline follows a period of gains between July 9 and 26 , when their stake increased from EGP8.53 billion ($176.6 million) to EGP9.22 billion ($190.8 million).
Oriental Weavers shares fall 4%The Khamis family, among Egypt's wealthiest, owns a majority stake in Oriental Weavers, a top carpet manufacturer with a global footprint. Its products reach over 150 countries, cementing its leadership in the Middle East and North Africa.
Since July 31, shares of Oriental Weavers have decreased from EGP24.52 ($0.498) to EGP23.54 ($0.478) each, marking a 4 percent decline in the company's valuation. This decline has translated into substantial losses for shareholders, including the affluent Khamis family.
