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Sunday, 28 November 2021

We still don’t know if Ezz Steel is acquiring a stake in Egyptian Steel

MARKET NEWS-

Ezz Steel’s alleged acquisition of a stake in Egyptian Steel is still unconfirmed: Early reports that Ezz Steel is eyeing Ahmed Abou Hashima’s stake in Egyptian Steel emerged again in the local press, this time with sources close to the matter claiming the acquisition of the 18% stake was completed in a EGP 1.5 bn transaction. Ezz Steel again neither confirmed nor denied the accuracy of the reported size or status of the acquisition, saying in a disclosure to the EGX (pdf) it is still completing the necessary procedures.

Egyptians Housing eyes snapping up 99.9% of Edge Development: Egyptians Housing and Development will conduct a fair value study to determine the value of the 99.9% stake (40 mn shares) in Edge Development and Project Management it’s looking to acquire, according to a disclosure to the bourse (pdf). Egyptians Housing and Edge are both subsidiaries of Odin Investments.

MARKET WATCH-

The EGX30 fell 1.3% at today’s close on turnover of EGP 775 mn (46.6% above the 90-day average). Foreign investors were net sellers. The index is up 4.0% YTD.

In the green: Rameda (+3.1%), Mopco (+1.1%) and Heliopolis Housing (+0.9%).

In the red: Orascom Development Egypt (-5.9%), AMOC (-5.1%) and Pioneers Properties (-4.1%).

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