The market value of Egyptian steel magnate Ahmed Ezz’s stake in Ezz Steel has grown by $69.2 million since he acquired additional shares in the company earlier this month.
Billionaires.Africa reported on June 10 that Ezz acquired an additional 33.4-percent stake in Ezz Steel, raising his ownership interest in the company to 65.7 from 32.29 percent.
As of press time, 2:30 pm (UTC+1) today, shares in the largest steel company in the Middle East and North Africa were trading at $0.881 (EGP13.80), or 28.85-percent higher than when the businessman acquired the additional shares in the company.
At the current price of $0.881 (EGP13.80) per share, the company’s shares on the Egyptian Stock Exchange are trading 32.04-percent higher than its market-opening price for the month and 27 percent higher than its opening price for the year.
Ezz Steel is a market leader in Africa. It has a total steel production capacity of 7 million tonnes per year, comprising 4.7 million tonnes of long products and 2.3 million tonnes of hot-rolled coil.
At the current price of $0.881 (EGP13.80) per share, the steel company’s market capitalization is $470.24 million (EGP7.37 billion). Its subsidiary, Al Ezz Dekheila Steel Co, is the largest steel manufacturing company in Egypt, with a total capacity of 3.2 million tonnes of finished steel products per annum.
Since Ezz acquired the additional stake in the company on June 9, shares have increased from $0.684 (EGP10.71) per share to $0.881 (EGP13.80) as of the writing of this report.
In line with the increase in Ezz Steel’s share price, the market value of Ezz’s stake in the company has increased from $239.77 million (EGP3.76 billion) on June 9 to $308.95 million (EGP4.84 billion).
This translates to a gain of $69.18 million (EGP1.10 billion) for the steel magnate in 85 days.