Ezz Steel officially settles the “Abu Hashima” deal, worth 2.5 billion pounds
According to a statement sent to the Egyptian Stock Exchange by Ezz Steel, More Egypt for Financial Consultations prepared the Egyptian Steel fair value report.
According to a summary of the fair value report sent to the Stock Exchange on Sunday, the deal aims to buy 18 percent of Abu Hashima’s stake in Egyptian Steel, and Abu Hashima is currently acquiring 30 percent of the shares.
This stake will also be transferred through Ahmed Abu Hashima (founding partner) and Abu Hashima Steel Company for Steel Projects Management, according to the report.
Ezz Steel has stated that it will purchase this stake through its subsidiary Ezz Dekheila Steel – Alexandria and that the value of the transaction will be paid with company funds.
Ezz Steel Company announced that its exports to other countries have increased at an unprecedented rate, surpassing the value of one billion dollars.
During the first nine months of the current year ending September 2021, The statement showed that the company recorded exports worth 1.013 billion dollars during the period from January to September, while the exports of the first half amounted to 597 million dollars, while the exports of the third quarter (June-September) amounted to 416 million dollars.
great deal with Ezz Steel, which will have a positive impact on Egypt’s steel market.