Ezz Steel eyes state’s stake in Al Ezz Dekheila Steel
Updated 5/8/2023 8:07:00 AM
Arab Finance: Ezz Steel (ESRS) is seeking to buy the government's stake in its subsidiary Al Ezz Dekheila Steel Co – Alexandria (EZDK), Asharq Business reported on May 7th, citing unnamed sources familiar with the matter.
The two parties are currently in talks to determine the fair value of the company's shares before going on with the transaction, which will take place before the end of this month, according to one of the sources.
The state-owned National Investment Bank (NIB) and National Bank of Egypt (NBE) own 14% of Al Ezz Dekheila Steel’s shares, while Ezz Steel holds a 64% stake in the company, with the rest of the shares are being traded on in the Egyptian Exchange (EGX).
It is worth mentioning that Ezz Steel reported a 20.7% year-on-year (YoY) surge in consolidated profit attributable to owners of the holding company in 2022, recording EGP 4.25 billion.
Ezz Steel is an Egypt-based manufacturer and trader of steel and related products. Together with its subsidiaries, the company is engaged in the manufacture, trade, and distribution of iron and steel products of all kinds and associated services.
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