Announcing the details of the “Ezz Steel” acquisition of Abu Hashima’s...
Informed sources revealed new details about Ezz Steel’s upcoming acquisition of businessman Ahmed Abu Hashima’s 18% stake in Egyptian Steel, stressing that the signing and official announcement of the deal will take place in the coming days. Al-Shorouk”, that a delegation from the Ezz Steel Group visited the headquarters of the Egyptian Steel Company in the governorates of Ain Sukhna and Beni Suef, and inspected the factories’ headquarters and the work cycle in them, then a meeting was held with representatives of the Egyptian Steel Company at the company’s headquarters in the Fifth Settlement area in Cairo Governorate.
In a related context, banking sources told “Maal and Business – Al-Shorouk” that the creditor banks of the Ezz group of companies contacted the company to inquire about the potential deal, and its impact on the financial position of the Ezz Rolling Mill, which recently concluded concluding financial structuring contracts with banks estimated at about 6.5 billion pounds. .
The sources estimated the size of the existing debts to banks owed by the Ezz Group at about 37 billion pounds, and it includes 7 subsidiaries, and it is currently seeking to obtain a financing package of about 2.5 billion pounds to finance the operations of the Ain Sukhna factory, in addition to another financing that is still under study directed to the acquisition of a share Abu Hashima in the Egyptian Iron Factory.
The share of businessman Ahmed Ezz in the capital of Ezz Steel increased from 32 percent to 65.7 percent, as he purchased 181.51 million shares from the Ezz Holding Group for Industry and Investment, which represents its entire stake in the company, bringing his contribution from 175.32 million shares, representing 32 percent of the issued shares of steel. Ezz, including certificates of deposit, amounted to 356.933 million shares, or 65.7 percent.
Last week, “Main and Business – Al-Shorouk” was alone, when Ezz Steel Company approached the acquisition of the share of businessman Ahmed Abu Hashima in the Egyptian Steel Company.
The sources stated that negotiations are underway over Ezz Steel’s acquisition of Abu Hashima’s share, which amounts to about 18% of the Egyptian Steel shareholder structure.
The National Service Authority owns an estimated 82% stake in Egyptian Steel, after it raised its stake under the deal to acquire the share of Qatari shareholder Mohammed bin Suhaim Al Thani in 2018.
For its part, Ezz Steel said in a disclosure to the Stock Exchange last Sunday in response to the news of “Al-Shorouk Newspaper”, that if a decision is taken regarding any of the investments in existing companies, it will disclose it at the time.
Ezz Steel did not deny the news, but said in its statement: “If the competent authority in Ezz Steel and all relevant parties takes a decision regarding any investments in existing companies, the company will disclose at the time, in accordance with the relevant legal procedures and rules.”
She added, according to the disclosure sent to the stock exchange: “It is indispensable to say that this will take place after completing the financial evaluation and legal audit necessary for any new investment, which are the conditions governing its completion, the quality and modernity of the assets and technologies used in the company under investment, the safety and efficiency of its organizational structure, and the professionalism of its human resources. ».
The company stressed that it applies the highest levels of compliance with the provisions of the Competition Protection Law and the prevention of monopolistic practices.
Ezz Steel indicated that with regard to the company’s own investments, the company is currently implementing an investment that is about to be completed, aimed at increasing its production capacity of liquid steel, in order to ensure the continuation of production and export of flat steel.
It is noteworthy that the Egyptian Steel Company was established in 2010 and includes 3 companies, the first is Port Said National Steel (which owns two factories in Ain Sukhna and Port Said), the second is the IIC Company for the management of steel factories (under which the Beni Suef factory and the Alexandria factory are included), and then the Egyptian Steel Company for Trading Building Materials, which Represents the group’s commercial sector.
The Egyptian Iron Factory is the first iron factory in the Upper Egypt region, and one of the largest investment projects in Egypt, with a production capacity of 830,000 tons annually.
In a related context, banking sources told “Maal and Business – Al-Shorouk” that the creditor banks of the Ezz group of companies contacted the company to inquire about the potential deal, and its impact on the financial position of the Ezz Rolling Mill, which recently concluded concluding financial structuring contracts with banks estimated at about 6.5 billion pounds. .
The sources estimated the size of the existing debts to banks owed by the Ezz Group at about 37 billion pounds, and it includes 7 subsidiaries, and it is currently seeking to obtain a financing package of about 2.5 billion pounds to finance the operations of the Ain Sukhna factory, in addition to another financing that is still under study directed to the acquisition of a share Abu Hashima in the Egyptian Iron Factory.
The share of businessman Ahmed Ezz in the capital of Ezz Steel increased from 32 percent to 65.7 percent, as he purchased 181.51 million shares from the Ezz Holding Group for Industry and Investment, which represents its entire stake in the company, bringing his contribution from 175.32 million shares, representing 32 percent of the issued shares of steel. Ezz, including certificates of deposit, amounted to 356.933 million shares, or 65.7 percent.
Last week, “Main and Business – Al-Shorouk” was alone, when Ezz Steel Company approached the acquisition of the share of businessman Ahmed Abu Hashima in the Egyptian Steel Company.
The sources stated that negotiations are underway over Ezz Steel’s acquisition of Abu Hashima’s share, which amounts to about 18% of the Egyptian Steel shareholder structure.
The National Service Authority owns an estimated 82% stake in Egyptian Steel, after it raised its stake under the deal to acquire the share of Qatari shareholder Mohammed bin Suhaim Al Thani in 2018.
For its part, Ezz Steel said in a disclosure to the Stock Exchange last Sunday in response to the news of “Al-Shorouk Newspaper”, that if a decision is taken regarding any of the investments in existing companies, it will disclose it at the time.
Ezz Steel did not deny the news, but said in its statement: “If the competent authority in Ezz Steel and all relevant parties takes a decision regarding any investments in existing companies, the company will disclose at the time, in accordance with the relevant legal procedures and rules.”
She added, according to the disclosure sent to the stock exchange: “It is indispensable to say that this will take place after completing the financial evaluation and legal audit necessary for any new investment, which are the conditions governing its completion, the quality and modernity of the assets and technologies used in the company under investment, the safety and efficiency of its organizational structure, and the professionalism of its human resources. ».
The company stressed that it applies the highest levels of compliance with the provisions of the Competition Protection Law and the prevention of monopolistic practices.
Ezz Steel indicated that with regard to the company’s own investments, the company is currently implementing an investment that is about to be completed, aimed at increasing its production capacity of liquid steel, in order to ensure the continuation of production and export of flat steel.
It is noteworthy that the Egyptian Steel Company was established in 2010 and includes 3 companies, the first is Port Said National Steel (which owns two factories in Ain Sukhna and Port Said), the second is the IIC Company for the management of steel factories (under which the Beni Suef factory and the Alexandria factory are included), and then the Egyptian Steel Company for Trading Building Materials, which Represents the group’s commercial sector.
The Egyptian Iron Factory is the first iron factory in the Upper Egypt region, and one of the largest investment projects in Egypt, with a production capacity of 830,000 tons annually.
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