Egypt: Act Financial cuts stake in Ezz Steel for $4.13mln

Reuters

Act Financial sold 1.45mln shares in the EGX-listed firm

Staff Writer, Mubasher

January 24, 2024

PHOTO

Cairo – Act Financial lowers its equity ownership in Ezz Steel to 0.51% from 0.78%, according to a bourse statement.

Act Financial sold 1.45 million shares in the EGX-listed firm at a value of EGP 128.10 million and an average price of EGP 88.34 per share.

Hermes Securities Brokerage was the broker for the transaction that was executed on 22 January 2024.

During the first half (H1) of 2023, Ezz Steel turned to consolidated net losses after tax valued at EGP 809.77 million, compared to net profit worth EGP 4.12 billion in H1-22, including minority interest.

The listed company registered sales amounting to EGP 62.26 billion in the January-June 2023 period, up year-on-year (YoY) from EGP 38.49 billion.

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