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Wednesday, 26 January 2022

Ezz Steel acquires Abou Hashima’s remaining Egyptian Steel stake

Ezz Steel has completed its purchase of Ahmed Abou Hashima’s 18% stake in Egyptian Steel, announcing yesterday in an EGX filing (pdf) that the shares have changed hands. The steel giant’s board of directors in December approved the acquisition through its subsidiary Al Ezz Dekheila Steel, which was set to pay EGP 2.5 bn for the shares in an all-cash transaction, valuing Egyptian Steel at almost EGP 14 bn. The move sees Abou Hashima sell down his remaining shares in the company he founded back in 2010, after he sold an 82% stake to the military's National Service Projects Organization in 2017.

ADVISORS: Sarie Eldin & Partners were sell-side legal advisors, with Rizkana & Partners acting as buy-side counsel. Eagle Advisors conducted the fair value study, while Moore Egypt served as the auditor.


OC completes acquisition of Sawiris-owned business: Orascom Construction (OC) has completed its USD 35 mn acquisition of 100% of a Sawiris family-owned equipment import, distribution and services business, the company said in an EGX disclosure (pdf). The acquisition, which was greenlit by OC shareholders in December, saw OC acquire the target company’s three subsidiaries — Orascom Trading, Orascom Freezone and National Equipment Company.

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