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Ahmed Ezz, a prominent Egyptian businessman and founder of Ezz Steel, has seen a significant boost in his wealth, surpassing $40 million over the past two weeks. This uptick is attributed to value investors boosting their positions in Ezz Steel on the Egyptian Exchange.
According to data tracked by Billionaires.Africa, the market value of Ezz’s stake in the top steel producer has risen by EGP1.39 billion ($45 million) in the last 14 days, following the ongoing upward trend in the company’s shares.
Ezz Steel’s market capitalization surpasses $1.4 billion amid share surge
Ezz Steel, the leading steel producer in the Middle East and North Africa, has posted strong financial results recently, bolstering investor confidence. With a production of 5.14 million metric tonnes, it surpasses competitors such as Saudi Arabia’s Hadeed and Emirates Steel.
Ezz, the visionary behind Ezz Steel, holds a majority 60.7-percent ownership stake in the company. His stake, which translates to a total of 329,816,198 shares in the steel giant, has solidified his position among the richest investors on the Egyptian Exchange.
Over the past 13 days, Ezz Steel shares on the Egyptian Exchange have risen by 5.5 percent, rising from EGP76.55 ($2.48) on Feb. 7 to EGP80.7 ($2.61), thus pushing the group’s market capitalization above $1.4 billion.
Egyptian billionaire Ahmed Ezz’s stake in Ezz Steel surpasses $860-million mark
As a result of the 5.5 percent increase in the group’s share price, the market value of the stake held by the Egyptian billionaire businessman has risen by EGP1.39 billion ($45 million) in the last 14 days, moving up from EGP25.25 billion ($817.1 million) on Feb. 7 to EGP26.64 billion ($862.04 million) at the time of writing.
The recent $45 million gain in Ezz’s stake in Ezz Steel reinforces his stand as one of the richest investors in the Egyptian Exchange and also as one of the richest businessmen in the country.
