Egypt's Hadisolb hires liquidator, halts all factories except oxygen plant

The liquidation process is expected to take up to two years

  
Traders work at the Egyptian stock exchange in Cairo, Egypt February 13, 2018.

Traders work at the Egyptian stock exchange in Cairo, Egypt February 13, 2018.

REUTERS/Amr Abdallah Dalsh
Cairo – The Egyptian Iron and Steel (Hadisolb) has appointed Mostafa Hassan Mahmoud Omar, the former liquidation consultant at the Metallurgical Industries Holding Co, as a liquidator as of 31 May.

The Metallurgical Industries Holding Co decided to halt operations at all factories of its subsidiary firm, Hadisolb, except the oxygen plant as of Monday, the steel manufacturer said in a bourse disclosure.

The liquidation process is expected to be complete within a maximum period of two years as of the date of the liquidation decision taken by the extraordinary general meeting (OGM).

In January, the company’s shareholders approved a decision to liquidate its steel plant and spin off its mining operations.

During the first nine months of fiscal year (FY) 2020/2021, Hadisolb suffered net losses of EGP 724.14 million, down from EGP 783.84 million in the prior-year period.

Source: Mubasher

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