Egypt's National Service Agency acquires 24% stake in Beshay Steel's affiliates

Egypt's National Service Projects Agency has made strategic moves in acquiring a substantial 24% stake in three companies associated with the prominent Beshay Steel conglomerate. These transformative transactions, valued at approximately EGP 10 billion ($324 million), were executed with the aim of resolving outstanding debts.

The acquisitions were conducted through the Egyptian Stock Exchange's over-the-counter market and involved the shares of three companies: Egyptian Sponge Iron and Steel, Egyptian American Steel Rolling Mills, and International Steel Rolling Mills. Egyptian Stock Exchange records reveal that these transactions were facilitated by the EFG Brokerage company, which impressively secured 80% of the trading activity on the previous Monday, amassing over EGP 20 billion in value.