Egypt’s NSPO acquires 24% from three steel firms for $324mln

The National Service Projects Organisation (NSPO) acquired 24 percent stake of three firms affiliated to Beshay Steel firm, in deals reaching 10 billion Egyptian pounds ($324 million) to settle debts, Bloomberg Alsharq reported on Tuesday.

The three companies are including Egyptian Sponge Iron and Steel Company (ESISCo), Egyptian American Steel Rolling Company (EASRCo), and International Steel Rolling Mills Company (ISRM).

Egypt Stock Exchange (EGX) data showed that the aforementioned deals were made through EFG Hermes, which acquired of about 80 percent of Monday’s trading session to gain more than 20 billion pounds.