Cairo – Mubasher: The Egyptian businessman Ahmed Abdel Aziz Ezz has raised his stake in Ezz Steel to 32.29% from 27.3%.

Ezz purchased 9.039 million global depositary receipts, equivalent to 27.11 million local shares owned by Al Ezz Holding Group Industry and Investment, according to bourse disclosure on Tuesday.

The value of the transaction amounts to $80.98 million, averaging $2.1 per share.

In a separate statement, it is disclosed that Al Ezz Holding Group Industry and Investment reduced its stake to 33.41% from 38.4%.

EFG Hermes acted as a broker in the transaction.

In 2020, Ezz Steel incurred consolidated net losses of EGP 4.68 billion, down from EGP 8.11 billion in 2019, including minority shareholders’ rights.