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Egyptian billionaire businessman and leading industrialist Ahmed Ezz has seen the market value of his stake in Cairo-based steelmaker Ezz Steel fall by more than $36 million in less than two weeks.
This follows the $35.3-million gain recorded between Sept. 12 and Sept. 25, when his shares in the leading steelmaker increased from EGP15.99 billion ($517.74 million) on Sept. 12 to EGP17.12 billion ($554.03 million).
According to data tracked by Billionaires.Africa the market value of Ezz’s stake in the steel producer has slumped by EGP1.12 billion ($36.52 million) in the past 13 days, due to the recent decline in shares of the Cairo-based steel producer’s shares.
Ezz Steel, recognized as the largest independent steel producer in the Middle East and North Africa, has demonstrated remarkable financial resilience in recent years. With an impressive total output of 5.14 million metric tonnes, Ezz Steel is notably ahead of industry giants such as Saudi Arabia’s Hadeed and Emirates Steel.
Ezz, a leading Egyptian industrialist, owns a 60.7-percent stake in Ezz Steel, equating to 329,816,198 shares in the steel behemoth. This stake affirms his position as one of the wealthiest investors on the Egyptian Exchange and ranks him as one of the richest individuals in Egypt.
According to the World Steel Association, a non-profit organization headquartered in Brussels, Belgium, Ezz Steel ranks first in Africa and the Arab world, with a total output of 5.14 million tonnes, far ahead of Saudi Arabia’s Hadeed and Emirates Steel.
Since Sept. 25, the share price of Ezz Steel on the Egyptian Exchange has slumped by 6.21 percent, declining from EGP54.90 ($1.783) on Sept. 25 to EGP 51.49 ($1.672) at the time of writing, thus leading to losses amounting to millions of dollars for its shareholders, including the leading industrialist Ahmed Ezz.
As a result of the single-digit percent slump in the steelmaker’s share price, the market value of the stake held by the leading industrialist has slumped by EGP1.12 billion ($36.52 million) from EGP18.11 billion ($587.91 million) on Sept. 25 to EGP16.98 billion ($551.39 million) at the time of writing.
