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05:43 pm
Monday, January 11, 2021
I wrote – Shaima Hefzy:
The extraordinary general meeting of the Egyptian Iron and Steel Company, affiliated with the corporate public sector, decided to separate the mining activity into an independent company and to liquidate the company’s manufacturing activity in Al-Tebbin.
Khaled El-Fiqi, a board member of the Holding Company for Mineral Industries, said the association’s final decision is “to liquidate the Helwan plant and establish a mining company.”
The company had called an extraordinary general meeting on January 11, 2021 to discuss the approval of the horizontal division of the company and to approve the final evaluation report issued by the verification committee and the detailed project of the division.
The Financial Supervisory Authority had approved the detailed proposal to divide the Egyptian Iron and Steel Company and the decisions of the company’s board of directors held on November 29 to invite the extraordinary general meeting of the company to obtain its approval from the detailed project of the division.
The Iron and Steel Company said that the Board of Directors approved the approval of the disclosure report in accordance with Article 48 of the rules for the registration and exclusion of securities on the Egyptian Stock Exchange, with the aim of inviting the assembly Extraordinary General to approve the division of the company horizontally and authorize the Chairman of the Board of Directors to proceed with the procedures of the division and introduce the modifications required. Financial Supervision Authority in the submitted disclosure form.
Last October, the extraordinary general meeting of the company agreed to start the procedures for the separation of mining and quarrying activities from the rest of the company’s activities.
The decision of the assembly stipulated that the company would form a committee to prepare the valuation at book value in the case of the division into two companies and their respective assets and liabilities.
According to a report from the Central Audit Organization, the company’s debts increased over the last fiscal year by 13% to 6 billion pounds compared to the previous fiscal year.
The Egyptian Iron and Steel Company is a subsidiary of the Holding Company for Mineral Industries and participates in the production of iron and steel.
