Cairo – Mubasher: Egypt’s National Service Projects Organization (NSPO) has acquired up to 24% equity in three companies affiliated with Beshay Steel Group in exchange for nearly EGP 10 billion ($324 million).
The three firms are Egyptian Sponge Iron and Steel Company (ESISCo), Egyptian American Steel Rolling Company (EASRCo), and International Steel Rolling Mills Company (ISRM).
EFG Holding was the broker for the transactions that were concluded on Monday, according to Bloomberg Asharq.
NSPO was established in 1979 with the aim to achieve self-sufficiency and cater to the requirements of the Armed Forces. The national organisation owns 63 companies in six sectors, including food, internal trade, mining, as well as oil and gas.
Last July, NSPO purchased 240.47 million shares, equivalent to a 20% stake, in TAQA Arabia at a total value of EGP 1.62 billion.
Meanwhile, Beshay Steel is the largest privately owned steel producer in Egypt and the Middle East with an annual liquid steel capacity of up to 4 million tonnes.
