Egyptian Government Sells 31% of Ezz Steel's EZDK for USD 230 Million
The company is now de-listed from the Egyptian stock exchange.
The Egyptian government sells 31% of Ezz Steel subsidiary, Al Ezz Dekheila Steel Co. (EZDK), for over USD 230 million, effectively de-listing the company from the Egyptian stock exchange. This move is part of the country's privatisation program, which allows for offering of stakes to investors, and shareholders who opt out of holding their shares after delisting will be compensated with EGP 1,250 per share.
At this point in time, the company has a total value of EGP 1.95 billion, calculated from its 19.5 million listed shares with a nominal value of EGP 100 per share. Ezz Steel holds a 54.59 percent stake in the delisted company, with the Egyptian government owning almost 36.4 percent.
Al Ezz Dekheila Steel Alexandria's website states its annual steel production capacity is 3.2 million tonnes.
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