Egypt’s El Garhi Group has agreed to sell a 26.25pct stake in Misr National Steel (Ataqa) to Al Organi Group, a diversified Egyptian conglomerate, according to a stock exchange filing.
The stake will be acquired by Al Organi Group’s subsidiary, ODI, in a deal valued at EGP 1.9 bln (USD 37 mln), subject to regulatory approvals and due diligence. This transaction values Ataqa at EGP 7.24 bln (USD 143 mln).
The acquisition aligns with Al Organi Group’s strategy to expand its industrial activities through partnerships with leading entities like El Garhi Group. Both companies are also exploring collaboration opportunities in the chemical and building materials sectors, supporting Egypt’s national agenda to localize industrial production.
Al Organi Group operates across Egypt, Saudi Arabia, and Libya, managing six construction companies with a workforce of over 150,000 employees and 3,000 engineers. Last month, the group signed a strategic partnership with China State Construction Engineering Corporation (CSCEC), aiming to secure over USD 5 bln in contracting projects for the Ras El Hekma megaproject within the next three years.
Ataqa, a subsidiary of El Garhi Group, has an annual rebar production capacity of 780,000 tons.
1 USD / 50.7 EGP
