{"id":553901,"date":"2021-12-13T03:50:47","date_gmt":"2021-12-13T03:50:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/ezz-steel-to-acquire-abou-hashimas-stake-in-egyptian-steel\/"},"modified":"2021-12-13T03:50:47","modified_gmt":"2021-12-13T03:50:47","slug":"ezz-steel-to-acquire-abou-hashimas-stake-in-egyptian-steel","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/ezz-steel-to-acquire-abou-hashimas-stake-in-egyptian-steel\/","title":{"rendered":"Ezz Steel to acquire Abou Hashima\u2019s stake in Egyptian Steel"},"content":{"rendered":"

<\/a> Ezz Steel is moving forward with its bid to acquire Ahmed Abou Hashima\u2019s <\/strong>18%<\/strong> stake in Egyptian Steel<\/strong>, announcing yesterday in an EGX filing (pdf)<\/a> that it has offered to purchase the shares in a transaction that would value the company at almost EGP 14 bn. The steel giant\u2019s board of directors has approved the purchase of the stake through its subsidiary Al Ezz Dekheila Steel, which will pay EGP 2.5 bn for the shares in an all-cash transaction. Abou Hashima, who founded the company and currently acts as its CEO and chairman, will accept the offer and step down from the company, Sarie Eldin & Partners, which is providing counsel to Egyptian Steel, told Enterprise.<\/p>\n

An ex-steel magnate:<\/strong> The move will see Ahmed Abou Hashima sell down his remaining shares in the company he founded back in 2010. The entrepreneur had invested USD 1 bn into the company<\/a> and gained a sizable share of the local steel market, but in late 2017 sold an 82% stake to the military's National Service Projects Organization. Enterprise was not able to reach an Egyptian Steel representative for comment on the offer.<\/p>\n

The valuation:<\/strong> A fair value study (pdf)<\/a> carried out by financial advisors Eagle Advisors valued Egyptian Steel shares at EGP 1,193 apiece, which was approved by Ezz Steel\u2019s board. Ezz released the study yesterday as part of its regulatory filing.<\/p>\n

What might we expect from Ezz Steel post-acquisition?<\/strong> The transaction would allow Ezz to influence Egyptian Steel\u2019s product mix to focus more specifically on fulfilling unmet market demand, former Holding Company for Metallurgical Industries chairman Medhat Nafie told Kelma Akhira\u2019s Lamees El Hadidi. Nafie expects Ezz Steel to double down on manufacturing pellets and steel bars, and sees potential for the company to increase its output of downstream products, which have a greater value added. The acquisition could also help Ezz widen its distribution network through the integration of Ezz Steel\u2019s infrastructure \u2014 and potentially help the company cut freight costs to get its products to areas including Upper Egypt, Nafie said (watch, runtime: 11:57<\/a>).<\/p>\n

The acquisition bid comes as Ezz Steel \u2014 MENA\u2019s largest steel company \u2014 is on an <\/strong>earnings streak<\/a><\/strong> in 2021<\/strong>, after being in the red for most of the previous decade. The company posted (pdf)<\/a> a net income of EGP 3.76 bn during the first nine months of the year, flipping from a net loss of EGP 4.1 bn last year. The company\u2019s single largest shareholder is founder Ahmed Ezz, who owns a 65.7% controlling stake in Ezz Steel, after recently purchasing a 33.4% stake in the company<\/a> from El Ezz Group Holding for Industry and Investment. The company holds a market share of around 42%, according to recent figures cited by late night talkshow queen Lamees El Hadidi (watch, runtime: 2:15<\/a>) last night.<\/p>\n

What\u2019s next:<\/strong> The transaction is in its final stages and will be finalized in the coming days, said Amira Sherif, senior partner at Sarie Eldin & Partners and head of the firm\u2019s banking and finance unit.<\/p>\n

ADVISORS: <\/strong>Sarie Eldin & Partners are sell-side legal advisors, with Rizkana & Partners acting as buy-side counsel. Eagle Advisors conducted the fair value study, while Moore Egypt served as the auditor.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ezz Steel is moving forward with its bid to acquire Ahmed Abou Hashima\u2019s 18% stake in Egyptian Steel, announcing yesterday in an EGX filing (pdf) that it has offered to purchase the shares in a transaction that would value the company at almost EGP 14 bn. The steel giant\u2019s board of directors has approved the […]<\/p>\n","protected":false},"author":1,"featured_media":553902,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[590,3079,591,72,589,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-ahmed-abou-hashima","tag-eagle-advisors","tag-egyptian-steel","tag-enterpriseam","tag-ezz-steel","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"3508aa53-f618-489c-ad1a-7685e6e073bc","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/313.jpg","photo_position":"above","related_issue":[553897],"teaser":"","voice_url":""},"yoast_head":"\nEzz Steel to acquire Abou Hashima\u2019s stake in Egyptian Steel - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/ezz-steel-to-acquire-abou-hashimas-stake-in-egyptian-steel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ezz Steel to acquire Abou Hashima\u2019s stake in Egyptian Steel\" \/>\n<meta property=\"og:description\" content=\"Ezz Steel is moving forward with its bid to acquire Ahmed Abou Hashima\u2019s 18% stake in Egyptian Steel, announcing yesterday in an EGX filing (pdf) that it has offered to purchase the shares in a transaction that would value the company at almost EGP 14 bn. 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The steel giant\u2019s board of directors in December approved the acquisition through its subsidiary Al Ezz Dekheila Steel, which was set to\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555006,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/28\/we-still-dont-know-if-ezz-steel-is-acquiring-a-stake-in-egyptian-steel\/","url_meta":{"origin":553901,"position":1},"title":"We still don\u2019t know if Ezz Steel is acquiring a stake in Egyptian Steel","author":"enterpriseam admin","date":"28 November 2021","format":false,"excerpt":"MARKET NEWS- Ezz Steel\u2019s alleged acquisition of a stake in Egyptian Steel is still unconfirmed: Early reports that Ezz Steel is eyeing Ahmed Abou Hashima\u2019s stake in Egyptian Steel emerged again in the local press, this time with sources close to the matter claiming the acquisition of the 18% stake\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554491,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/tonight-ezz-steel-wants-to-buy-abou-hashimas-remaining-stake-in-egyptian-steel-chg-tender-offer-opens-tomorrow-shoukry-in-riyadh-bennett-in-abu-dhabi\/","url_meta":{"origin":553901,"position":2},"title":"TONIGHT: Ezz Steel wants to buy Abou Hashima\u2019s remaining stake in Egyptian Steel + CHG tender offer opens tomorrow + Shoukry in Riyadh + Bennett in Abu Dhabi.","author":"enterpriseam admin","date":"12 December 2021","format":false,"excerpt":"Good afternoon, friends, and bravo on finishing the first day of what looks set to be a busy week as one and all rush to get deadlines met, transactions finalized, t\u2019s crossed and i\u2019s dotted before the end-of-year lull. On the M&A front, Egyptian Steel founder Ahmed Abou Hashima could\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554713,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/07\/is-ezz-steel-looking-to-acquire-a-stake-in-egyptian-steel\/","url_meta":{"origin":553901,"position":3},"title":"Is Ezz Steel looking to acquire a stake in Egyptian Steel?","author":"enterpriseam admin","date":"7 November 2021","format":false,"excerpt":"MARKET NEWS- Is Ezz Steel looking to acquire a stake in Egyptian Steel? In a bourse disclosure (pdf) today, Ezz Steel neither confirmed nor denied that it was looking to acquire the stake currently held by Ahmed Abou Hashima in Egyptian Steel, of which he is CEO and chairman. Responding\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":589174,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/abou-hashima-to-acquire-5-of-beltone\/","url_meta":{"origin":553901,"position":4},"title":"Abou Hashima to acquire 5% of Beltone","author":"enterpriseam admin","date":"22 June 2023","format":false,"excerpt":"Beltone is looking to raise EGP 10 bn via a capital increase","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1144.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":636072,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/20\/eagle-capital-could-list-shares-of-emg\/","url_meta":{"origin":553901,"position":5},"title":"Eagle Capital could list shares of EMG","author":"enterpriseam admin","date":"20 December 2017","format":false,"excerpt":"IPO WATCH- Eagle Capital could list shares of Egyptian MediaGroup (EMG) on the EGX, sources from EMG tell Al Borsa. Eagle Capital, led by former Investment Minister Dalia Khorshid, announced on Monday that it had acquired Ahmed Abou Hashima\u2019s stake in EMG, the parent company of high-profile media assets including\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=553901"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553901\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/553897"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/553902"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=553901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=553901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=553901"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=553901"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=553901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}