Cairo – Mubasher: Ezz Steel announced that its shares in Al Ezz Flat Steel Co (EFS) have been sold over the counter (OTC) to Al Ezz Dekheila Steel – Alexandria for $356.066 million (EGP 5.74 billion).

The deal involved the sale of 35.289 million shares at $10.09 apiece, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

The sale comes as part of the company’s restructuring plan disclosed on 5 August and approved by the board of directors on 3 October.

Earlier in November, Egypt’s Financial Regulatory Authority (FRA) approved publishing the disclosure form of the mandatory tender offer (MTO) submitted by Al Ezz Dekheila Steel – Alexandria to acquire 100% of El Ezz Rolling Mills (ERM), owned by Ezz Steel.  

It is noteworthy that during the first half of 2019, Ezz Steel turned to losses of EGP 2.46 billion, versus net profits of EGP 148.5 million in H1-18, including minority shareholders’ rights.