Egypt's largest steel producer acquires 18% of Egyptian Steel at $160mEgypt’s largest steel producer Al Ezz Dekheila purchased 18 percent of Egyptian Steel Company’s total equity in a deal worth 2.5 billion Egyptian pounds ($160 million). The purchase has been made from the founding partner Ahmed Abou Hashima and his company Egyptian Steel, according to an EGX filing. The fair value of the share has been set at 1,192 Egyptian pounds by the independent financial advisor, Eagle Financial Consulting Company. Ezz Steel returned to profit with a net income of 3.76 billion Egyptian pounds during the first nine months of 2021, compared to a net loss of 4 billion Egyptian pounds last year. Al Ezz Dekheila, a subsidiary of Ezz Steel, is Egypt’s largest steel manufacturing facility, with a total capacity of 3.2 million tonnes of finished steel products annually.

Source: Ethiopian News December 13, 2021 07:40 UTC