The Clap
Sherif El Zayat stepped down as Egypt Kuwait Holding’s (EKH) CEO on February 1, 2024.
What
EGX-listed EKH currently has a market capitalization of EGP 48.79 billion and El Zayat was a significant part of EKH’s success, as per the company’s statement.
- His contributions positively impacted the company’s financial performance, taking net profits from USD 36 million in 2015 to USD 241 million in 2022.
- Last year, the company paid USD 150 million in dividends, their highest ever.
So What
On February 1, the day of the announcement, EKH’s stock price took a significant hit, tumbling by 8.39% to EGP 44.26. Yesterday, it fell by another 2.17% to EGP 43.30.
Who’s stepping up?
EKH has announced the appointment of Jon Rokk as Managing Director effective February 1, 2024.
As per the company’s statement, Rokk “has managed multiple sectors such as oil, gas, petrochemicals, infrastructure, and nuclear, aligning with the business area of Egypt Kuwait Holding Company’s subsidiaries.”
