Cairo – Mubasher: The Egyptian businessman Ahmed Abdel Aziz Ezz has raised his stake in Ezz Steel to 65.7% from 32%.

Ezz purchased 181.51 million shares, including global depositary receipts, owned by Al Ezz Holding Group Industry and Investment, according to a bourse disclosure on Monday.

Through the transaction, Al Ezz Holding Group Industry and Investment sold its entire stake in Ezz Steel.

Earlier on Monday, the Egyptian Exchange (EGX) announced the execution of a block-trading deal worth EGP 1.68 billion on the shares of Ezz Steel.

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