As the market value of shares in leading industrial companies in Africa continues to rise, Egyptian businessman Ahmed Ezz’s stake in top steelmaker Ezz Steel has increased by EGP653 million ($35.3 million) in the last 19 days.
Ezz Steel is the largest independent steel manufacturer in the Middle East and North Africa, with a steel production capacity of 7 million tonnes per year, which it trades and distributes through regional subsidiaries.
Ezz, who founded Ezz Steel in 1994 and owns a majority 60.7-percent stake in the company totaling 329,816,198 shares, is one of the wealthiest men in the North African country, as well as one of the richest investors on the Egyptian Exchange.
The multimillion-dollar increase in the market value of his stake in Ezz Steel can be attributed to an increase in the firm’s share price spurred by renewed purchasing interest among market participants after the steelmaker exited a loss position in 2021.
Since April 17, the price of the leading steel manufacturer’s shares has risen from EGP12.77 ($0.691) to EGP14.75 ($0.798), representing a 15.51-percent gain for shareholders in the past 19 days.
As a result of the uptick in the stock price, the market value of Ezz’s stake in the Egyptian steel manufacturer has increased from EGP4.21 billion ($227.96 million) on April 17 to EGP4.86 billion ($263.31 million) at the time of drafting this report.
This amounts to a total gain of EGP653 million ($35.3 million) for the multimillionaire businessman in the past 19 days, as the market capitalization of Ezz Steel and other industrial companies, particularly in Africa, continues to rise.
The multimillion-dollar increase in his stake in the Egyptian steel manufacturer above the $260-million valuation solidifies his position as not only one of the wealthiest investors on the local bourse but also one of Egypt’s wealthiest businessmen.
