Cairo – Mubasher: Ezz Steel’s stock grew on the Egyptian Exchange (EGX) on Thursday following news that its founder and businessman Ahmed Ezz had reached an agreement with the government.
By 1:08 pm Cairo time, Ezz Steel’s stock grew 3.19% to EGP 24.25, logging a turnover of EGP 41.5 million after 1.69 million shares changed hands.
On Wednesday, Egypt’s attorney general said in a statement that the government’s national committee to restore smuggled money and assets abroad had reconciled with Ahmed Ezz, who will pay EGP 1.7 billion ($96.5 million) to the government.
In the meantime, the benchmark EGX30 index slipped 0.05% or 7.79 points to 15,464 points.
On a side note, analysts forecast that Ezz Steel will see its losses widening following the decrease of the interest rates.
Ezz Steel last reported a 16.3% year-on-year decline in losses in the third quarter of 2017 to EGP 107 million from EGP 127.9 million. The reinforcing steelmaker had attributed the narrowing of losses to higher sales during the period.
