Arab Finance: Act Financial has increased its stake in Ezz Steel to 1.305% from 1.235%, according to a shareholding disclosure on July 4th.
This came after Act Financial purchased 348,000 shares in Ezz Steel at an average price of EGP 88.782 per share, or a total of EGP 34.092 million.
Act Financial unveiled earlier its plan to raise EGP 1.04 billion in a private placement of 300 million shares on the Egyptian Exchange (EGX) from July 9th to 18th, and an initial public offering (IPO) of 60 million shares until 23rd.