
Egyptian brothers Ahmed, Sadek El-Sewedy see $128 million surge in Elsewedy Electric
The brothers’ combined stake in the company is now valued at nearly $1.8 billion, a testament to their deep influence in the industry.
The brothers’ combined stake in the company is now valued at nearly $1.8 billion, a testament to their deep influence in the industry.
Sadek El-Sewedy’s stake in Elsewedy Electric has surged to nearly $930 million, reflecting strong investor confidence and stock price growth.
Sadek El-Sewedy’s stake could have seen a higher growth of $633.88 million if not for the 39.16 percent devaluation of the Egyptian pound.
The El-Sewedys, founders of the electrical equipment manufacturing powerhouse, collectively hold a 51.05 percent stake in Elsewedy Electric.
Ahmed El-Sewedy, CEO of Elsewedy Electric, and his brother Sadek, the company’s non-executive chairman, hold a majority 51.05 percent stake.
The rise in the El-Sewedy brothers' fortunes is attributed to an 80.6-percent increase in Elsewedy Electric's share price.