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Wednesday, 19 May 2021

Higher aluminum prices from state-owned Egyptalum

State-owned aluminum producer Egyptalum has hiked prices by EGP 4k-5k per tonne in response to a recent Trade Ministry decision to impose duties on imported raw materials, according to Al Mal. Aluminum producers and industry figures have been calling on authorities to review the decision, saying the duties are negatively impacting Egyptian producers.

Steel magnate Ahmed Ezz has increased holdings in his name in Ezz Steel to 32.9% after acquiring an additional 5.6% stake in the company, according to an EGX filing (pdf). Ezz acquired over 9 mn global depository receipts worth USD 2.1 mn each from affiliated holding company El Ezz Group Holding for Industry and Investment, whose holdings now stand at 33.45% following the transaction.

Also on our radar this morning: Tourism and Antiquities Minister Khaled El Enany inaugurated yesterday two museums inside Cairo International Airport housing artefacts that were stored in the Egyptian Museum in Tahrir and two other museums.

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