Egyptian steel tycoon Ahmed Ezz has seen the market value of his stake in Ezz Steel, one of Egypt’s largest industrial groups, decline by EGP1.27 billion ($81.03 million) in the past four weeks, as shares in the leading steelmaker slump on the Egyptian Exchange.
Ezz Steel is the largest independent steel producer in the Middle East and North Africa, with a steel production capacity of 7 million tonnes per year.
The steelmaker generated more than $1 billion in sales in the first nine months of 2021.
Ahmed Ezz, who founded the Egypt-based steel manufacturer in 1994, holds 60.7 percent of the group’s shares.
The market value of his stake in the past month has suffered a $81-million loss due to sustained sell-off by risk-averse investors who continue to trim down their holdings in the manufacturer.
As of press time, Nov. 24, shares in Ezz Steel were trading at EGP12.49 ($0.795) per share, eight basis points higher than its opening price this morning.
Due to the sustained sell-off on the Egyptian Stock Exchange, the group’s shares have fallen from EGP16.35 ($1.0407) per share on Oct. 26 to EGP12.49 ($0.795) per share on Nov. 24.
This translates to a 23.6-percent loss for shareholders.
Research conducted by Billionaires.Africa revealed that the market value of Ezz’s 60.7-percent stake has declined from EGP5.39 billion ($343.23 million) on Oct. 26 to EGP4.12 billion ($262.2 million), accruing a total loss of EGP1.27 billion ($81.03 million) for the multimillionaire in four weeks.
Despite the decline in the market value of his stake, Ezz remains one of the wealthiest investors on the Egyptian Stock Exchange.