ArabFinance: The board of directors of El Ezz Dekheila Steel - Alexandria (IRAX) decided to approve the fair value (FV) study conducted by the independent financial advisor (IFA) on the Egyptian Steel Groups stock, according to a statement filed to the Egyptian Exchange (EGX).
The board also agreed on purchasing 18% of Egyptian Steel Groups total equity from the co-founder Ahmed Hamdy Abou Hashima and Abou Hashima Steel Company for a total value of EGP 2.5 billion.
Moreover, the board has authorized El El Ezz Dekheila Steels chairman and managing director to jointly or separately sign the shares sale agreements.
El Ezz Dekheila Steel is an Egypt-based engaged in the manufacture and production of steel in different types and forms.
The companys direct subsidiaries include Al Ezz Steel Sheet Manufacturing Company, Steel Company for Industry, and Trade and Contracting Company, which is focused on the manufacture and trade in all types of metal and metal products.
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