Egypt’s Ezz Steel, the largest maker of finished steel products in the Middle East and North Africa, said it was planning a capital increase through a rights issue.

The company said in a statement it was seeking the approval of the ’competent authorities’ and would announce the size, timing and use of proceeds before the start of subscription.

In 2007, Ezz Steel had a total capacity of 5.3 million tonnes of finished steel. The company has over 65 percent of the Egyptian market in terms of sales. - Reuters