Ezz Steel will acquire 18 percent of Egypt Steel for EGP 2.5 billion

Ezz Steel – Alexandria will acquire 18% of Egypt Steel Group's total shares from co-founder Ahmed Abou Hashima.

The company told the Egyptian Stock Exchange on Sunday that the total value of the acquisition is EGP 2.5 billion and will be paid for from the company's resources.

Ezz Steel also approved the independent financial advisor's research on Egypt Steel Group's fair value.

Ezz Steel's consolidated financial statements showed that, on an annual basis, it transitioned to profitability in the first nine months of 2021. Taking into account minority rights, net profit for that period was EGP 3.23 billion, compared to a loss of EGP 3.47 billion in the same period of 2020.

The company's sales increased in EGP 43.83 billion in the first nine months of this year, compared to EGP 22.91 billion in the same period of 2020.