Ahmed Ezz ups stake in Ezz Steel for $81mln

Al Ezz Holding Group Industry and Investment reduced its stake to 33.41%

  
A trader works at the Egyptian stock market in Cairo .

A trader works at the Egyptian stock market in Cairo .

REUTERS/Mohamed Abd El Ghany
Cairo – Mubasher: The Egyptian businessman Ahmed Abdel Aziz Ezz has raised his stake in Ezz Steel to 32.29% from 27.3%.

Ezz purchased 9.039 million global depositary receipts, equivalent to 27.11 million local shares owned by Al Ezz Holding Group Industry and Investment, according to bourse disclosure on Tuesday.

The value of the transaction amounts to $80.98 million, averaging $2.1 per share.

In a separate statement, it is disclosed that Al Ezz Holding Group Industry and Investment reduced its stake to 33.41% from 38.4%.

EFG Hermes acted as a broker in the transaction.

In 2020, Ezz Steel incurred consolidated net losses of EGP 4.68 billion, down from EGP 8.11 billion in 2019, including minority shareholders’ rights.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities