Ahmed Ezz, the founder of Egypt-based steelmaker Ezz Steel, has increased its shareholding in the company by acquiring the shares of Jamal El-Garhy’s, founder of El-Garhy Group, for EGP 344 million ($11.18 million), according to local media reports. The deal, which was brokered by Egyptian investment company Hermes Financial Group, involved about 4.3 million shares with an average price of EGP 80 per share.
Before the transaction, Ahmed Ezz owned 60.71 percent and Jamal El-Garhy held 5.93 percent stake, which is equivalent to more than 32,000 shares, in the company.
