Egypt - Ezz Steel announced that its shareholder Ahmed Ezz purchased 9,039,417 Global Depositary Receipts (GDR), which are equivalent to 27,118,251 shares that were owned by Ezz Group Holding for Industry and Investment Company SAE, according to Ezz Steel’s disclosure.

Ahmed Ezz’s stake has been increased to 32.29% from 27.3%. The deal value is amounting to $80.983 million (EGP 1.269 billion).

The listed company posted a consolidated net loss of EGP 3.119 billion in 2020, compared to EGP 6,305 billion achieved a year earlier.

Ezz Steel, formerly Al Ezz Steel Rebars Company, is an Egypt-based manufacturer and trader of steel and related products. The company is engaged, together with its subsidiaries, in the manufacture, trade, and distribution of iron and steel products of all kinds and associated services.

At Press time, the conversion rate is $1 = EGP 15.67

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