Egyptian businessman Mohammed Elsewedy's stake in electric giant exceeds $770 million
Elsewedy, who serves as the company's vice president, holds a 17.76-percent stake —equivalent to 385.6 million ordinary shares.
Elsewedy, who serves as the company's vice president, holds a 17.76-percent stake —equivalent to 385.6 million ordinary shares.
This recovery follows a brief decline of EGP6.03 billion ($124.2 million) between July 9 and Aug. 1
His wealth increase puts him among the select African billionaires whose wealth has swelled by over a billion dollars this year.
Elsewedy Electric has secured a $1-billion partnership with Saudi Electricity Company to enhance energy infrastructure in the Middle East.
In just two weeks, the Egyptian steel magnate has seen his stake in the steel giant appreciate by more than $100 million amid soaring investor confidence.
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This marks a substantial recovery from the loss the company recorded during the same period in 2023.
The $2.05-billion deal includes U.S. and European assets and a stake in Natgasoline LLC.
The latest funding follows a $50-million Series-B round in 2022 led by PayPal Ventures, Kora Capital and Clay Point.
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