- The Khamis family's investment in Oriental Weavers has lost nearly $10 million due to declining share prices on the Egyptian Exchange.
- Oriental Weavers' market cap has dropped below $330 million, with shares declining 4.18% over 16 days.
- The Khamis family's stake decreased from $194.91 million to $185.38 million, reflecting a $9.54 million loss.
Egypt's Khamis family, prominent in the global carpet industry, has faced a nearly $10 million financial loss from joint holdings in Oriental Weavers. Recent selling pressures on the Egyptian Exchange (EGX) have sharply reduced the company's share price.
Over the past two weeks, the Khamis family's investment in Oriental Weavers has experienced a loss of EGP462.87 million ($9.54 million). This follows an earlier loss of $7.5 million between July 31 and Aug. 12 , during which the value of their stake fell from EGP9.23 billion ($187.38 million) to EGP8.86 billion ($179.9 million).
Oriental Weavers' market cap falls below $330 millionOriental Weavers , a leading carpet manufacturer with a global presence in over 150 countries, has seen its share price decline by 4.18 percent over the past 16 days. The price fell from EGP25.14 ($0.52) on Aug. 20 to EGP23.91 ($0.49) as of the latest data.
This decline has reduced the company's market capitalization to below $330 million, impacting its shareholders, including the Khamis family, who hold a controlling 56.58 percent stake in the leading carpet manufacturer.
Khamis familys Oriental Weavers stake fallsAccording to data tracked by Billionaires.Africa , the recent drop in Oriental Weavers' shares has reduced the Khamis familys holdings from EGP9.46 billion ($194.91 million) on Aug. 20 to EGP9 billion ($185.38 million), reflecting a loss of EGP462.87 million ($9.54 million).
