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Ahmed Ezz, the Egyptian billionaire businessman and founder of Ezz Steel, has experienced a substantial decrease in his fortune, as the market value of his stake in the leading steel producer slumped by nearly $47 million in recent times.
According to data tracked by Billionaires.Africa, the market value of Ezz’s stake in the leading steel producer has decreased by EGP1.45 billion ($46.97 million) since Nov. 22, due to the recent decline in shares of the Cairo-based steel producer’s shares.
This recent downturn follows a gain of $57.5 million between Nov. 1 and Nov. 21, when the market value of his stake in Ezz Steel soared from EGP23.94 billion ($774.95 million) to EGP25.72 billion ($832.48 million).
Ezz Steel — the largest independent steel producer in the Middle East and North Africa — has delivered impressive financial results in recent times, further strengthening investors’ interest and confidence. With a total output of 5.14 million metric tonnes, Ezz Steel is far ahead of Saudi Arabia’s Hadeed and Emirates Steel.
Ahmed Ezz’s stake in Ezz Steel falls below $800 million amid market slump
The Egyptian industrialist owns 60.7 percent of the company, or 329,816,198 shares, in the steel behemoth — this significant stake not only positions him as one of the richest investors on the Egyptian Exchange but also as one of the wealthiest individuals in Egypt.
In the past 16 days, Ezz Steel shares on the Egyptian Exchange have slumped by 5.57 percent, from EGP78.95 ($2.55) on Nov. 22 to EGP74.55 ($2.41) at the time of writing this report – thus leading to losses amounting to millions of dollars for its shareholders – including the leading industrialist 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 decreased by EGP1.45 billion ($46.97 million) from EGP26.04 billion ($84.76 million) on Nov. 22 to EGP24.59 billion ($795.79 million) at the time of writing.
