Ezz Steel – Alexandria will buy 18% of the total equity in the Egyptian Steel Group from Ahmed Abou Hashima, the founding partner.
The company said in a statement to the Egyptian Exchange on Sunday, that the total value of the purchase amounted to EGP 2.5bn, and it will be paid from the company’s resources.
Ezz Steel also approved the independent financial advisor’s study on the fair value of the Egyptian Steel Group.
The consolidated financial statements of Ezz Steel showed its switch to profitability during the first nine months of 2021, on an annual basis. The net profit for that period amounted to EGP 3.23bn, compared to losses of EGP 3.47bn in the same period in 2020, taking into account minority rights.
The company’s sales increased during that period to EGP 43.83bn during the first nine months of this year, compared to EGP 22.91bn in the same period of 2020.