Arab Finance: Company announced Ezz Steel – (ESRS)According to the fair value determination report prepared by the independent financial consultant BDO Keys Financial Consulting Company for the purpose of voluntary delisting, it reached a value of 138.15 pounds per share, according to statement Egyptian Stock Exchange.
The company stated that the first inquiry was about what is the basis for determining the share price in the event of delisting, and the company’s answer included the following: “Although the iron and steel industry is a cyclical industry in nature, the company chose the highest share price ever in its history to determine the delisting price,” confirming that the delisting price The recommended EGP 120 per share exceeds the average share price in 2023 and 2024 by 156% and 35%, respectively.
Ezz Steel confirmed that the delisting price in dollar equivalent exceeds the annual average share price in dollars by between 75% and 426% for the years from 2015 to 2023, and 33% above the average for the year 2024 alone.
Regarding the consolidated and unconsolidated results of its business for the period ending on 06/30/2024, it showed achieving a consolidated net profit amounting to 1.562 billion pounds, compared to a consolidated net loss amounting to 643.286 million pounds, according to the company stated in Her statement Sent to the Egyptian Stock Exchange.
The results also showed a net profit independent It amounted to 568,005 million pounds, compared to a standalone net loss of 38,353 million pounds for the same period of the previous year.
The company was established in 1994 and the purpose of the company and its subsidiaries is to manufacture, trade and distribute iron and steel of all types and related products and services. Ezz Steel is currently one of the largest steel producers in the Middle East and North Africa, and it also exports lengths and flat steel products to many countries around the world. In 2011, Ezz Steel’s production capacity reached 7 million tons annually, divided between 4.7 million tons of steel length products and 2.3 million tons of hot-rolled flat steel coils. These high-quality products are manufactured through the four Ezz Steel factories inside Egypt, and their advanced production units, which are the latest in technology in this industry.
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