Egyptian multimillionaire Ahmed Ezz, the founder of Ezz Steel, has seen a notable drop in his wealth. The market value of his stake in the prominent steel producer has fallen by more than $100 million in just over a week.
According to data tracked by Billionaires.Africa, the market value of Ezz’s stake in the top steel producer has dropped by EGP3.09 billion ($100.01 million) in the last eight days, primarily due to the ongoing decrease in the company’s share price.
This comes after a $77.7-million loss in the first 22 days of 2024, driven by the volatile and downward trajectory of the steel company stock on the Egyptian Stock Exchange.
Ezz Steel’s shares slump 10.4 percent, pushing market cap below $1.4 billion
Ezz Steel, the top steel producer in the Middle East and North Africa, has been posting strong financial results, boosting investor confidence. With an output of 5.14 million metric tonnes, it outpaces competitors like Saudi Arabia’s Hadeed and Emirates Steel.
However, Ezz Steel’s stock on the Egyptian Exchange has dipped by 10.47 percent in the past eight days, from EGP 89.51 ($2.897) on Jan. 28 to EGP 80.44 ($2.603). This pushed the company’s market capitalization below the $1.4 billion mark, causing notable losses for shareholders, including Ezz.
Stock slump shaves $100 million off Egyptian industrialist’s wealth
Ezz owns 60.7 percent of Ezz Steel, which translates to 329,816,198 shares in the steel behemoth, making him a major player on the Egyptian Exchange and one of Egypt’s wealthiest individuals.
However, due to a recent drop in the steelmaker’s shares, the market value of Ezz ‘s stake has fallen by EGP3.09 billion ($100 million), dropping from EGP 29.52 billion ($955.38 million) on January 28 to EGP 26.43 billion ($855.37 million) as of now.
Despite this setback, Ezz remains a top business figure in Egypt and retains his position as one of the top investors on the Egyptian Exchange.
