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Sunday, 7 November 2021

Is Ezz Steel looking to acquire a stake in Egyptian Steel?

MARKET NEWS-

Is Ezz Steel looking to acquire a stake in Egyptian Steel? In a bourse disclosure (pdf) today, Ezz Steel neither confirmed nor denied that it was looking to acquire the stake currently held by Ahmed Abou Hashima in Egyptian Steel, of which he is CEO and chairman. Responding to news (pdf) that it was close to sealing the transaction, Ezz Steel said that no announcement would be made until after the completion of the necessary fair value studies and legal and technical procedures.

The Egyptian International Pharma Industries (EIPICO) reported EGP 358.7 mn in net income in 9M2021, up 5.7% y-o-y, according to its financials (pdf). It reported EGP 2.5 bn in revenues during the period, up 14.9% y-o-y.

The EGX30 fell 0.5% at today’s close on turnover of EGP 382.6 mn (74.9% below the 90-day average). Local investors were net sellers. The index is up 6.55% YTD.

In the green: Rameda (+5.5%), Ibnsina Pharma (+3.5%) and Ezz Steel (+3.5%).

In the red: GB Auto (-4.6%), Fawry (-3.6%) and Orascom Development Egypt (-2%).

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