Act Financial has significantly reduced its stake in Ezz Steel, dropping from 0.78% to 0.51% ownership. The sale involved 1.45 million shares traded on the Egyptian Exchange (EGX) at an average price of EGP 88.34 per share, totaling EGP 128.10 million. Hermes Securities Brokerage facilitated the transaction on 22 January 2024. Ezz Steel’s financial performance in the first half of 2023 showed a sharp decline, with consolidated net losses after tax reaching EGP 809.77 million, a stark contrast to the EGP 4.12 billion net profit recorded in H1-2022. Despite this, the company reported a year-on-year sales increase to EGP 62.26 billion from EGP 38.49 billion during the same period.