ArabFinance: Ezz Steel announced that its shareholder Ahmed Ezz raised his stake to 65.7% from 32% including the Global Depositary Receipts (GDR), according to the statement filed to the Egyptian Exchange.

Ahmed Ezz purchased 181.51 shares of Ezz Group Holding for Industry and Investment Companys capital. Accordingly, Ezz has owned 356.933 million shares, representing 65.7%, increased from 175.32 million shares, an equivalent to 32% of Ezz Steel.

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.

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