The Egyptian Stock Exchange has announced the details of Al-Organi for Development and Investment’s acquisition of a 26.25% stake in Misr National Steel Company – Ataqa.
Al-Organi for Development purchased around 315 million shares of Ataqa’s capital for a total value of EGP 1.9 billion, at an average price of EGP 6.04 per share.
As a result, El Garhy Investment and Development Group reduced its stake in Ataqa from 89.04% to 62.79%, by selling the same number of shares acquired by Al-Organi, according to the executing company, Synergy Brokerage.
Misr National Steel – Ataqa reported a net profit of EGP 103.9 million during the first quarter of this year, compared to EGP 60.9 million in the same period of 2024. The company’s sales rose to EGP 2.02 billion, up from EGP 1.01 billion in the corresponding period last year.
