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Ahmed Ezz, an Egyptian billionaire businessman and founder of Ezz Steel, has experienced substantial financial gains amounting to millions of dollars due to the recent surge in the shares of the leading steel.
Data tracked by Billionaires.Africa indicates that Ezz’s stake in the steel giant has risen by EGP1.98 billion ($64.14 million) within just seven days, underscoring the continued upward trend of the company’s shares.
Ezz Steel, recognized as the largest independent steel producer in the Middle East and North Africa, has been delivering impressive financial results, further strengthening investor interest and confidence. With a total output of 5.14 million metric tonnes, Ezz Steel has outperformed competitors such as Saudi Arabia’s Hadeed and Emirates Steel.
Over the past week, Ezz Steel shares on the Egyptian Exchange have surged by 8.35 percent, escalating from EGP71.99 ($2.329) on Feb. 27 to EGP78 ($2.524). This surge has propelled the company’s market capitalization above $1.3 billion, resulting in substantial gains for shareholders.
Ezz, an influential figure in the Egyptian industrial landscape, currently owns 60.7 percent of Ezz Steel, equivalent to 329,816,198 shares. 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.
The surge in Ezz Steel’s share price has led to a remarkable increase in the market value of Ezz’s stake, soaring from EGP23.74 billion ($768.34 million) on Feb. 27 to EGP25.73 billion ($832.48 million) at the time of this report.
This boost in wealth further cements Ezz’s standing as a leading investor on the Egyptian Exchange, reinforcing his role as a key figure in Egypt’s business scene.
