The deal was concluded for $324 million to settle the debts of companies affiliated with the Beshay Group
The “National Service Projects Agency” in Egypt acquired up to 24% of 3 companies affiliated with the “Beshay Steel” group in deals amounting to about EGP 10 billion ($324 million) to settle debts, according to two sources familiar who spoke with “Eqtisad Al-Sharq”.
The National Service Projects Organization, which was established in 1979 to achieve relative self-sufficiency for the armed forces needs and supplies the local market, owns 63 companies in six (6) basic sectors: “Food,” “Heavy Industries,” “Contracting and Services,” “Internal and Foreign Trade,” Mining,” and “Oil and Gas”.
The deals took place on the shares of the companies “Egyptian Sponge Iron and Steel”, “Egyptian American Steel Rolling Mills”, and “International Steel Rolling Mills” in the over-the-counter market on the Egyptian Stock Exchange.
Egyptian Stock Exchange data showed that the deals were made through the “EFG Brokerage” company, which acquired 80% of trading yesterday, Monday, with more than EGP 20 billion.
Beshay Steel Group, established in 1948, is one of the largest iron and steel producers in Egypt with a production capacity of 4 million tonnes annually, according to its website.