Latest news with #EzzSteel
Zawya
2 days ago
- Business
- Zawya
EBRD backs Egypt's first private-to-private electricity contracts
Egypt has taken a significant step towards energy market liberalisation with the approval of its first private-to-private (P2P) electricity contracts. Under a new pilot scheme, developed with technical support from the European Bank for Reconstruction and Development (EBRD), four renewable energy projects with a combined capacity of 400 MW have been granted permission to sell electricity directly to industrial consumers. The pilot follows the introduction of new P2P regulations, jointly developed by the EBRD and the Egyptian Electric Utility and Consumer Protection Regulatory Agency (EgyptERA), and approved last year. These rules allow private electricity generators to supply power directly to consumers using the national grid, marking a departure from Egypt's longstanding single-buyer model. The four approved projects under the scheme are: KarmSolar, which will build a 100 MW solar plant to supply electricity to Suez Steel; AMEA Power, which is constructing a 100 MW solar facility to serve BEFAR Group and the Suez Canal Container Terminal; TAQA PV, which will install a 100 MW hybrid system combining solar and wind to power operations at Ezz Steel; and Enara, which is developing a hybrid plant to deliver 100 MW to El Alamein Silicone Products Company and Helwan Fertilisers. The introduction of P2P rules is a major milestone in implementing the 2015 Electricity Law, which set Egypt on a path toward a competitive and liberalised electricity market. By enabling private generators to contract directly with consumers, the new framework fosters competition, broadens consumer choice, and creates new investment opportunities in renewable energy. The move is also seen as a practical solution for expanding electricity generation without relying on state-funded contracts. All electricity under these agreements will be generated and financed by the private sector, reducing fiscal pressure while accelerating the country's green energy transition. 'This milestone shows how the right regulatory framework can unlock private investment and drive the energy transition,' said Mark Davis, EBRD Managing Director for the Southern and Eastern Mediterranean region. 'By enabling companies to procure green electricity directly from producers, Egypt is opening new opportunities for industry and enhancing its competitiveness. We are proud to have supported EgyptERA in designing this pioneering scheme and will continue working closely as projects move towards implementation.' Mohamed Mousa Omran, Chairperson of EgyptERA, also welcomed the development: 'This pilot marks an important step towards a more competitive electricity market in Egypt. By enabling direct agreements between producers and consumers, we are creating space for the private sector to play a greater role in meeting the growing demand for clean energy. This is essential for accelerating the deployment of renewables at scale and achieving our long-term energy goals.' The EBRD's support for EgyptERA was made possible through funding from the Swiss State Secretariat for Economic Affairs (SECO), a longstanding partner in the Bank's policy engagement efforts across the region. The initiative is part of the EBRD's Renewable Energy Programme, which currently supports 16 countries in developing market-based frameworks to attract private investment in clean energy. To date, the programme has supported the award of over 8,500 MW of renewable energy capacity across eight countries, reinforcing the EBRD's role as a key enabler of the global energy transition.
Zawya
13-02-2025
- Business
- Zawya
Ezz Steel records over $878mln block trading deal
Ezz Steel recorded a block-trading deal at a value of EGP 44.571 billion, the Egyptian Exchange (EGX) announced in a bourse disclosure on February 13th. The transaction was implemented on 333.86 million shares. Ezz Steel is an Egypt-based manufacturer and trader of steel and related products. Together with its subsidiaries, the company is engaged in the manufacture, trade, and distribution of iron and steel products of all kinds and associated services. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Egypt Today
30-01-2025
- Business
- Egypt Today
EGX completes semi-annual review, reveals 26 moves across main 4 indices
Cairo – January 30, 2025: The Egyptian Exchange (EGX) has announced the results of its semi-annual review of market indices, bringing in new companies into its benchmark index EGX 30. Orascom Development, RAMEDA, EgyptAlum, Ibn Sina Pharma, Qalaa Holdings, and EIPICO have all been added to the index, according to a statement released by the stock market. These six companies will replace six previous constituents: Ezz Steel, B Investments, Faisal Islamic Bank of Egypt, Cleopatra Hospitals, Elsewedy Electric, and Heliopolis Housing. The changes, effective from February 1, 2025, aim to reflect the evolving dynamics of Egypt's economy and stock market, providing investors with updated benchmarks for trading. Elsewedy Electric and Ezz Steel's exits were expected with most of Elsewedy's free float shares acquired by Abu Dhabi-based Electra Investment Holding in July, reducing its presence on the bourse, and Ezz Steel moving forward with its voluntary delisting, a decision made after shareholders agreed earlier this week. In addition to the changes in the EGX30; EGX 70, EGX 100, and the newly launched shariah-compliant EGX 33 index also saw some reshuffling. The EGX70 EWI (Equally Weighted Index) saw the addition of 6 new companies, while 6 others were removed, bringing the total number of changes to 17 across the EGX 30 and EGX 70 indices. The EGX 100 EWI experienced changes with the addition and removal of 14 companies. The new additions to the EGX 33 include Delta Sugar, Lecico, Misr National Steel, Egyptian Resorts Company, Icon, Taqa Arabia, and Dice. These companies will replace Elsewedy Electric, Raya Holdings, AMOC, GB Corp, Abu Qir Fertilizers, Egyptian Financial & Industrial, and Gemma on the EGX 33. The semi-annual review highlights the bourse's ongoing efforts to keep its indices aligned with the most active and liquid companies in the market.
Al-Ahram Weekly
30-01-2025
- Business
- Al-Ahram Weekly
Ezz Steel voluntarily delists from Egyptian Exchange - Markets & Companies
Egyptian giant Ezz Steel has secured shareholder approval for its voluntary delisting from the Egyptian Exchange (EGX), according to a disclosure published on Wednesday. The Extraordinary General Assembly (EGA) approved the company's delisting plan, setting a buyback price of EGP 138.15 per share for shareholders opposing the move. This price is based on the fair value determined by independent financial adviser BDO. This valuation represents a 28 percent premium over the company's average share price during the three months before the delisting announcement. It also marks a 40 percent increase compared to the average price during the past six months. In December 2024, Ezz Steel stated that the buyback price would be based on the highest closing price from the previous month (EGP 118.98 per share), the three-month average closing price (EGP 108.19 per share), or the fair value determined by an independent financial adviser. Moreover, the EGA approved the establishment of a temporary account under the name 'Voluntary Delisting Shares Account' to facilitate share buybacks from affected shareholders. The company will fund this account, or third-party guarantees will back it per Article 55 of the EGX listing and delisting regulations. Additionally, the assembly authorized the board chairman and managing director, or their designated representative, to complete all necessary procedures for delisting from the EGX and the London Stock Exchange. This includes repurchasing shares from shareholders, pledged creditors, and other stakeholders and representing the company before the Financial Regulatory Authority, the General Authority for Investment and Free Zones, and other relevant entities. The decision followed a similar move by Al Ezz Dekheila Steel Alexandria, a subsidiary of Ezz Steel, which approved its own voluntary delisting in July without providing further details. Ezz Steel has faced recent challenges, including a major blast furnace malfunction at its Ain Sokhna plant in November. The disruption caused a 9.33 percent decline in the company's stock price on the EGX, resulting in a market loss of EGP 5.8 billion ($117.9 million). Shares closed at EGP 104.7 ($2.11). The production setback, expected to last nine months, could reduce annual output by 1.6 million tons, impacting sales of flat steel products and foreign currency revenues. In August, Ezz Steel became the subject of an anti-dumping investigation by the European Trade Commission into its hot-rolled flat steel exports. The probe was initiated after the European Steel Association (EUROFER) filed a complaint accusing the company of selling products at unfairly low prices in the EU market. Ezz Steel is one of Egypt's leading steel manufacturers. Its factories produce seven million tons of long and flat steel annually. The company has total investments of $5.9 billion and employs over 8,000 workers. Short link:
