{"id":586201,"date":"2023-05-08T00:00:00","date_gmt":"2023-05-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/08\/ezz-steel-looks-to-acquire-govt-owned-shares-of-ezz-dekheila-steel\/"},"modified":"2023-05-08T00:00:00","modified_gmt":"2023-05-08T00:00:00","slug":"ezz-steel-looks-to-acquire-govt-owned-shares-of-ezz-dekheila-steel","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/08\/ezz-steel-looks-to-acquire-govt-owned-shares-of-ezz-dekheila-steel\/","title":{"rendered":"Ezz Steel looks to acquire gov\u2019t-owned shares of Ezz Dekheila Steel"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">State to sell down ownership in Ezz Dekheila steel?<\/span><span style=\"\"> Ezz Steel is in negotiations<\/span><span style=\"\"> to <\/span><span>acquire 14% of its EGX-listed subsidiary Ezz Dekheila Steel<\/span><span> from two state institutions<\/span><span>,<\/span><span> a government source confirmed to Enterprise after the news was first <\/span><span>reported<\/span><span> in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/42e3lQ3\" style=\"\">As<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/42e3lQ3\" style=\"\">harq Business<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The sellers:<\/span><span style=\"\"> The National Investment Bank (NIB) and National Bank of Egypt (NBE) could both <\/span><span style=\"font-weight:400;\">sell their stakes in the company to Ezz Steel. The NIB owns 8.1% of Ezz Dekheila Steel while the NBE owns 5.7%.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A nine-figure transaction:<\/span><span style=\"\"> The acquisition would be worth <\/span><span style=\"\">some EGP 2.5 bn <\/span><span style=\"\">based on Ezz <\/span><span>Dekheila\u2019s opening pric<\/span><span>e yesterday morning <\/span><span style=\"font-weight:400;\">before news of the transaction broke. The stake sale could be completed before the end of the month, Asharq\u2019s sources said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The market likes the transaction: <\/span><span style=\"\">Shares in Ezz Dekheila closed 3.6% up at EGP 955.25 at <\/span><span style=\"font-weight:400;\">the end of trading on Sunday. Shares in Ezz Steel closed 4.1% up at EGP 41.70.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Ezz Steel would control more than three-quarters of the company:<\/span><span style=\"\"> The steelmaker <\/span><span style=\"font-weight:400;\">currently owns 64% of Ezz Dekheila Steel, with the remainder in freefloat.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The state would retain significant minority ownership:<\/span><span>Other state institutions, including pension funds, Banque Misr, Misr Ins. and the Egyptian General Petroleum Corporation, <\/span><span style=\"\">hold about 17.2% of the company<\/span><span>, according to the company\u2019s most <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/385.pdf\" style=\"\">recent financials (pdf)<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">THE BIG QUESTION- Does this foreshadow other stake sales by NIB? <\/span><span style=\"\">The bank is looking <\/span><span>to offload a substantial number of the minority stakes it owns in other state-owned companies, our source <\/span><span>says. The fresh capital raised could <\/span><span>be used to restructure the companies, they added. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span style=\"\">Prime Minister Moustafa Madbouly\u2019s government wants to sell assets worth <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f73ba8ba-4daf-4b91-aff7-656a96030aa0\" style=\"\">USD<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f73ba8ba-4daf-4b91-aff7-656a96030aa0\" style=\"\">2 bn<\/a><\/span><span>by June as part of its plans to privatize <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6bd75c21-6da7-4ead-8f21-37a3bc25a23d\" style=\"\">at least<\/a><\/span><span> 32 state-owned companies over the next year. Ezz Dekheila Steel was not included in the initial list of companies.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company would acquire 14% of Ezz Dekheila from the National Investment Bank and the National Bank of Egypt<\/p>\n","protected":false},"author":1,"featured_media":586202,"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":[72,589,7128,131,472,248,585,81,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-ezz-steel","tag-ma-watch","tag-manufacturing","tag-misr-insurance-holding","tag-national-bank-of-egypt","tag-national-investment-bank","tag-privatization-watch","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"233aedd0-f51c-47a3-9b29-b2e2c3d3cd7c","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/366.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Ezz Steel in talks to acquire gov\u2019t-owned shares of Ezz Dekheila Steel","related_issue":[586197],"teaser":"The company would acquire 14% of Ezz Dekheila from the National Investment Bank and the National Bank of Egypt","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.f1d5271a-68b7-4a6b-87be-147acbf07ace.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ezz Steel looks to acquire gov\u2019t-owned shares of Ezz Dekheila 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\/2023\/05\/08\/ezz-steel-looks-to-acquire-govt-owned-shares-of-ezz-dekheila-steel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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14% stake held by state banks in its EGX-listed subsidiary","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/901.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588991,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/20\/ezz-steel-ezz-dekheila-steel-deny-knowledge-of-rumored-share-sale\/","url_meta":{"origin":586201,"position":1},"title":"Ezz Steel, Ezz Dekheila Steel deny knowledge of rumored share sale","author":"enterpriseam admin","date":"20 June 2023","format":false,"excerpt":"The gov\u2019t is reportedly looking to sell shares in Ezz Dekheila to its parent company","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/973.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568610,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/28\/efg-hermes-advises-on-al-ezz-dekheila-steel-restructure\/","url_meta":{"origin":586201,"position":2},"title":"EFG Hermes advises on Al Ezz Dekheila Steel restructure","author":"enterpriseam admin","date":"28 January 2020","format":false,"excerpt":"EFG Hermes has successfully advised Al Ezz Dekheila Steel on its restructuring plan, the investment bank said in an emailed statement. The restructure involved the EGP 2 bn acquisition of Ezz Rolling Mills and the USD 424 mn acquisition of Ezz Flat Steel. Al Ezz Dekheila made two mandatory tender\u2026","rel":"","context":"In &quot;Other Business News of Note&quot;","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590003,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/12\/al-ezz-dekheila-to-delist-as-government-sells-its-stake\/","url_meta":{"origin":586201,"position":3},"title":"Al Ezz Dekheila to delist as government sells its stake","author":"enterpriseam admin","date":"12 July 2023","format":false,"excerpt":"Planning minister says gov\u2019t will receive USD 281 mn through sale of its entire 31% stake","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/366.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592912,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/12\/egypts-ezz-dekheila-steel-launches-mto-for-ezz-rolling-mills\/","url_meta":{"origin":586201,"position":4},"title":"Egypt\u2019s Ezz Dekheila Steel launches MTO for Ezz Rolling Mills","author":"enterpriseam admin","date":"12 November 2019","format":false,"excerpt":"M&A WATCH- Ezz Dekheila launches MTO for Ezz Rolling Mills: Ezz Dekheila Steel presented yesterday a mandatory tender offer (MTO) to acquire 100% of Al Ezz Rolling Mills (ERM), according to a bourse disclosure. The MTO expires at the end of trading on 8 December, with the transaction set to\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]},{"id":593470,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/28\/ezz-steel-board-approves-selling-its-shares-in-ezz-rolling-mills-to-ezz-dekheila\/","url_meta":{"origin":586201,"position":5},"title":"Ezz Steel board approves selling its shares in Ezz Rolling Mills to Ezz Dekheila","author":"enterpriseam admin","date":"28 November 2019","format":false,"excerpt":"M&A WATCH- Ezz Steel board approves selling its shares in Ezz Rolling Mills to Ezz Dekheila: Ezz Steel\u2019s board of directors has signed off on selling north of 88 mn of its shares in Ezz Rolling Mills (ERM) through a share swap with Ezz Dekheila Steel, the parent company said\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/586201","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=586201"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586201\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/586197"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/586202"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=586201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=586201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=586201"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=586201"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=586201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}