Al-Arjani Development and Investment Company announced that it has acquired a 26.25% stake in Misr National Steel Company – Ataqa. According to the company, this move aims to combine the experience of both parties to improve production and operational efficiency.
Ataqa stands out in the sector for its production of long steel products and some flat steel products. Al-Arjani plans to sell these products more widely in international markets and make more effective use of production capacity, which is expected to positively impact the company’s performance and shareholder value.
A total of 315 million Ataqa shares were acquired for EGP 1.9 billion, at an average price of EGP 6.04 per share. Following this transaction, Al Garhi Investment and Development Group’s stake decreased from 89.04% to 62.79%.
Financially, Ataqa achieved a net profit of EGP 103.9 million in the first quarter of the year, showing a significant increase compared to the same period last year. Sales revenue rose to EGP 2.02 billion, doubling compared to the same period in the previous year.
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