Ezz Steel's share price rally boosts Egyptian tycoon Ahmed Ezz's stake by $18.2 million

Feyisayo Ajayi -

Key Point

  • Ahmed Ezz’s stake in Ezz Steel has surged by $18.2 million in the past two weeks due to a rally in share prices.
  • The company’s market cap has increased to over $920 million, driven by a 3.05% rise in share price on the Egyptian Exchange.
  • Ezz’s stake in Ezz Steel has grown to $614.1 million, recovering from a previous drop and securing his position as a top investor.

Egyptian steel magnate Ahmed Ezz, founder of Ezz Steel, Egypt’s leading steel producer, has seen his stake in the company rebound, with its market value increasing by over $18 million.

Ahmed Ezz’s Ezz Steel stake up $18 million

According to data tracked by Billionaires.Africa, Ahmed Ezz’s stake in Ezz Steel has increased by EGP880.8 million ($18.2 million) over the past two weeks, driven by a recent rally in the company’s share price on the Egyptian Exchange (EGX).

The rebound follows a notable setback where Ezz’s fortune dropped by $39.69 million between July 9 and 16.

During this period, his stake decreased from EGP28.5 billion ($595.1 million) to EGP 26.6 billion ($555.4 million).

Ezz Steel’s market cap nears $1 billion

Ezz Steel, the Middle East, and North Africa’s (MENA) leading steel producer, boasts a robust seven-million-tonne annual production capacity across its state-of-the-art Egyptian plants.

Egyptian billionaire and prominent industrialist Ahmed Ezz owns 66.45 percent of Ezz Steel, translating to 360,986,470 shares. The company’s output surpasses regional peers like Saudi Arabia’s Hadeed and Emirates Steel, exceeding 5 million metric tonnes annually.

Ezz Steel shares on the Egyptian Exchange have risen by 3.05 percent, climbing from EGP79.96 ($1.65) on July 16 to EGP82.4 ($1.7), propelling the company’s market capitalization above $920 million and delivering significant gains for shareholders.

Ahmed Ezz’s stake rebounds above $610 million

Thanks to the recent single-digit surge in Ezz Steel’s shares, Ahmed Ezz’s stake in the group has increased by EGP880.8 million ($18.2 million) over the last two weeks.

Ezz’s stake in Ezz Steel has increased from EGP28.9 billion ($595.9 million) on July 16 to EGP29.8 billion ($614.1 million). This boost solidifies his position as the second-richest investor on the Egyptian Exchange and one of Egypt’s wealthiest individuals.

Your Money and Your Life

However, investors are urged to exercise caution as Ezz Steel shares have declined by 10.43 percent year-to-date in local currency.

The devaluation of the Egyptian pound has exacerbated this loss, resulting in a substantial 42.77 percent decline for foreign investors.

A $100,000 investment at the start of the year would now be valued at $57,230, indicating a loss of $42,770.