Ezz Steel intends, within days, to sign a deal to acquire the 18% stake of the Egyptian businessman, Ahmed Abu Hashima, in the Egyptian Steel Company.
According to Al-Shorouk newspaper, a delegation from the Ezz Steel Company visited the headquarters of the Egyptian Steel Company's factory in Ain Sukhna and Beni Suef, and inspected the factories' headquarters and work cycle in them, then a contract was held. A meeting with representatives of the Egyptian Steel Company at the company's headquarters in the Fifth Settlement in Cairo.
The newspaper added 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 Company, which recently concluded concluding financial structuring contracts. With banks, estimated at 6.5 billion pounds.
Ezz Steel commented in a disclosure statement last Sunday about the news of acquiring Abu Hashima's share, saying: "The company's strategy for growth is based on constantly adding new energies, either through investment In new projects or by investing in existing companies, and that in the event that the competent authority of the company and all relevant parties take a decision regarding any investments in existing companies, the company will disclose it at the time, after completing the financial evaluation and legal audit. p>
