Egyptian billionaire Sadek El-Sewedy, the non-executive chairman of Elsewedy Electric, has seen the value of his stake in the company drop by nearly 60 million in just eight days, as profit-taking and market swings weighed on the stock.
El-Sewedys stake slips amid market decline
El-Sewedy owns 546.5 million shares, giving him a 25.53-percent stake in the power and infrastructure group. From Aug. 17 to Aug. 25, the market value of his stake slipped from EGP43.88 billion 905.28 million to EGP41.04 billion 846.66 million, cutting 58.62 million from his stake.