Egyptian steel magnate Ahmed Ezz, creator of Ezz Steel, has seen the market value of his interest in the top steel group fall by more than $39 million in the last six days due to a drop in the share price on the Egyptian Exchange.
Ezz Steel’s market value has decreased by EGP1.9 billion ($39.69 million) in the last six days due to selling pressure, resulting in an almost 7% reduction in the company’s stock price.
From June 24 to 27, Ahmed Ezz’s holding in Ezz Steel went from EGP 26.52 billion ($551.9 million) to EGP 28.19 billion ($586.63 million), resulting in a $34.73 million gain.
Ezz Steel, the Middle East and North Africa’s (MENA) top steel producer, with a solid 7 million-ton yearly production capacity throughout its cutting-edge Egyptian facilities.
Egyptian millionaire and notable entrepreneur Ahmed Ezz owns 60.7% of Ezz Steel, which equates to 329,816,198 shares. The company’s output exceeds that of regional peers such as Saudi Arabia’s Hadeed and Emirates Steel, totaling more than 5 million metric tons per year.
Ezz Steel’s shares closed at EGP86.51 ($1.803) on July 9, but have since fallen to EGP 80.74 ($1.683), representing a 6.67 percent reduction. This has brought the company’s market value below $920 million.
Ahmed Ezz’s stake in Ezz Steel has decreased by EGP1.9 billion ($39.69 million), from EGP28.53 billion ($595.1 million) on July 9 to EGP26.63 billion ($555.41 million).
Despite this setback, Ahmed Ezz is still the second-richest investor on the Egyptian Exchange and one of Egypt’s wealthiest individuals.
Ezz Steel’s shares have lost 12.24 percent of their value in Egyptian pounds year to date. When currency depreciation is taken into account, the decline rises to 43.35 percent.
Investors who purchased shares at the start of 2024 are now suffering significant losses, with a $100,000 investment being worth only $56,652.