Cairo – Mubasher: Al Ezz Dekheila Steel – Alexandria, a subsidiary of Ezz Steel, announced that its board of directors approved the fair value studies prepared by the financial advisor Grant Thornton.
The fair value of Al Ezz Dekheila Steel – Alexandria was estimated at EGP 1,176.85 per share, while the fair value of Ezz Flat Steel (EFS) was estimated at $10.09 a share, according to a statement to the Egyptian Exchange (EGX) on Monday.
Moreover, the fair value of Ezz Rolling Mills (ERM) was estimated at EGP 23.07 per share.
In addition, Al Ezz Dekheila Steel – Alexandria was given board approval to acquire an additional 56% stake, or 42 million shares, in EFS, topping-up its stake to 100% from 44%.
Al Ezz Dekheila Steel – Alexandria also received approval to acquire a 100% stake, or 89.8 million shares, in ERM.
During the first quarter of 2019, Al Ezz Dekheila Steel – Alexandria announced turning to a loss of EGP 611.02 million, against profits of EGP 431.78 million in the year-ago period.
