The Ghabbour family, one of Egypts wealthiest business dynasties, has seen the value of its controlling stake in GB Corp. drop by more than 46 million after a steep decline in the companys share price on the Egyptian Exchange.
GB Corp. shares drop, family wealth slips
The family controls 63.4 percent of the automakerabout 688.2 million shares. That stake, once valued at EGP17.37 billion 360.71 million, has fallen to EGP15.14 billion 314.42 million, wiping out EGP2.23 billion 46.31 million in just over two weeks.