Al-Ashry Steel Company acquired the National Bank of Egypt-NBE’s Arab Special Steel Company (ARCO Steel), in a deal that exceeded EGP 2 billion.
The acquisition was conducted in several proportions over the last three months.
The last tranche amounted to EGP 140 million, for 11.3 million shares.
National Bank owns 80% stake in Arco Steel, while the other stakes are distributed among several parties, most notably the National Investment Bank, the Suez Canal Authority, the General Petroleum Corporation, and Misr Insurance
Why this matters?
The deal comes within the framework of El-Ashry Steel’s plan to acquire a 22% share of the steel market in Egypt.
In related news
Last week, NBE sold a 9.2% stake in Commercial International Bank and 6.3% stake in Fawry to Abu Dhabi Holding Company (ADQ), as a part of ADQ’s $2 billion investment plan in Egypt.