Egyptian businessman Ahmed Ezz has bought Jamal El-Garhy’s shares in Ezz Steel for EGP 344m. The deal involved about 4.3 million shares, with an average price of EGP 80 per share. Hermes Financial Group brokered the transaction. Jamal El-Garhy, who founded El-Garhy Steel Group, had a 5.93% stake in Ezz Steel, equivalent to more than 32,000 shares.
Ezz Steel’s ownership structure was as follows: Ahmed Ezz owned 60.71%, Mineral Investment Development had 7.44%, and Jamal El-Garhy held 5.93%. The rest was circulated on the stock market.
Ezz Steel made a profit of EGP 27.9bn in the first nine months of 2023. Its sales increased to EGP 103.2bn in the same period, up from EGP 60.6bn in the previous year. However, the cost of sales also went up to EGP 45.36bn by June 2023, compared to EGP 28.23bn in the same period of 2022.
