Al Ezz Dekheila Steel gets $125mln loan from Emirates NBD: Egypt

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Al Ezz Dekheila Steel Co – Alexandria (EZDK) has obtained a $125 million loan from Emirates NBD to finance the purchase of the government’s stake in the company, two sources familiar with the matter told Asharq Business on July 11th.

The loan will be waived at state-owned banks to be paid to investors in Egyptian pound, one source noted.

However, the firm will self-finance the remaining amount required to buy the government’s stake, the source added.

This move came after the Minister of Planning and Economic Development Hala Elsaid announced that the government had sold its 31% stake in Al Ezz Dekheila Steel for $241 million, provided that 40% of the deal’s value to be paid in Egyptian pound and the rest in US dollar.

On July 11th, Al Ezz Dekheila Steel announced that its board approved the voluntary delisting of the company’s shares from the Egyptian Exchange (EGX) and buying the shares owned by those who object to the delisting decision at a price of EGP 1,250 per share.