Cairo – Mubasher: Ezz Steel’s stock suffered mid-day on Tuesday on the Egyptian Exchange (EGX) after the Cairo Criminal Court ruled against the company’s founder.
On Tuesday, the court decided to incarcerate Ezz Steel founder Ahmed Ezz and former head of the Industrial Development Authority (IDA) Amr Assal on charges of wasting public money, as well as facilitating the theft of EGP 660 million in a case pertaining to steel permits.
Ezz Steel’s stock rose early Tuesday to EGP 19.25 but suffered a steep drop, reaching a low of EGP 16.3 after the ruling.
The company is 38.41%-owned by Al Ezz Group Holding for Industry and Investment, 30% by Banque Du Caire, and 11.29% by Egyptian International Trade Investment Ltd.
Moreover, Egyptian International Industrial Investments Ltd and Mineral Investment Development each hold 7.44% in Ezz Steel, while HSBC Bank PLC has 5.253%, alongside other minority shareholders.
