Banque Misr has officially announced the successful sale of its entire stake in the capital of Al Ezz Dekheila Steel Company - Alexandria for a sale value of 534.2 million EGP, while the share of the public financial institutions amounted to 7.6 billion EGP through voluntary delisting the company's optional shares from the Egyptian stock exchange.

It is worth mentioning that Al Ezz Dekheila Steel Company - Alexandria is a subsidiary of the Ezz Steel Group and is a leading group in the field of iron and steel in the Middle East. Its ownership stake in the company is approximately 64%, and after completing the deal, its ownership will be close to 100%.

The company started producing reinforcing iron bars in lengths since 1986 and wire coils since 1987, then it began producing flat steel products in 2000. The production capacity of the company is 6.0 million tons of steel annually, including 3.7 million tons of steel – reinforcing iron bars and coils, and 2.3 million tons of flat steel.

Mr. Mohamed Al-Atreby, Chairman of the Board of Directors of Banque Misr, stated that the divestment of public funds from Al Ezz Dekheila Steel Company - Alexandria is in line with the state's general strategy to divest from some investments to encourage the role of the private sector. The divestment of the bank also aligns with its strategy, which aims to recycle the investment portfolio and use the proceeds from divestment to enter new investments in order to activate Banque Misr's role in accelerating the growth of companies by increasing their capital and involving them in projects that achieve sustainable corporate development and generate high growth rates that contribute to the growth of the Egyptian economy.

Mr. Akef Al Maghraby, Vice Chairman of the Board of Directors of Banque Misr, added that the divestment of public funds from Al Ezz Dekheila Steel Company - Alexandria represents an enhancement of the role of the private sector by divesting the public sector from assets in which it holds influential stakes to provide hard currency for the state, especially since about 72% of the deal was financed in hard currency, which supports the state's goal of obtaining dollar resources. Banque Misr and government entities have contributed to many deals since the beginning of the year, which were part of the offerings program.