Egyptian steel magnate Ahmed Ezz, founder of Ezz Steel, Egypt’s largest steel producer, has seen his stock in the company recover, with its market value rising by more than $18 million.
Ahmed Ezz’s holding in Ezz Steel has climbed by EGP880.8 million ($18.2 million) in the last two weeks, owing to a recent rally in the company’s share price on the Egyptian Exchange (EGX).
The comeback comes after Ezz’s fortune plummeted by $39.69 million from July 9 and 16.
During this time, his shareholding dropped from EGP 28.5 billion ($595.1 million) to EGP 26.6 billion ($555.4 million).
Ezz Steel, the Middle East and North Africa (MENA)’s top steel producer, with a robust seven-million-tonne yearly production capacity across its cutting-edge Egyptian facilities.
Egyptian millionaire and notable entrepreneur Ahmed Ezz controls 66.45 percent of Ezz Steel, which equates to 360,986,470 shares. The company’s output exceeds that of regional peers such as Saudi Arabia’s Hadeed and Emirates Steel, totaling more over 5 million metric tonnes per year.
Ezz Steel’s shares on the Egyptian Exchange have climbed by 3.05 percent, from EGP79.96 ($1.65) on July 16 to EGP82.4 ($1.7), bringing the company’s market capitalization above $920 million and providing significant returns for shareholders.
Ahmed Ezz’s shareholding in Ezz Steel has climbed by EGP880.8 million ($18.2 million) in the previous two weeks as a result of the company’s recent single-digit share price gain.
Ezz’s shareholding in Ezz Steel has grown from EGP28.9 billion ($595.9 million) on July 16 to EGP29.8 billion ($614.1 million). This increase strengthens his status as the second-richest investor on the Egyptian Exchange and one of Egypt’s wealthiest individuals.
However, investors should take caution because Ezz Steel shares have fallen 10.43 percent year to date in local currency.
The devaluation of the Egyptian pound has exacerbated this loss, resulting in a significant 42.77 percent drop for foreign investors.
A $100,000 investment made at the beginning of the year is now worth $57,230, representing a $42,770 loss.