Egypt's FRA approves registering Iron and Steel for Mines and Quarries

Hadisolb decided to liquidate its steel plant and spin off its mining operations

  
Cairo –  The Egyptian Financial Regulatory Authority (FRA) approved the registration of Iron and Steel for Mines and Quarries, the spinoff company of the Egyptian Iron and Steel (Hadisolb).

The authority also approved the publication of the disclosure forms of Hadisolb and Iron and Steel for Mines and Quarries to trade their shares on the Egyptian Exchange (EGX), according to a statement on Thursday.

During the first half (H1) of fiscal year (FY) 2020/2021, Hadisolb suffered net losses of EGP 437.05 million, down from EGP 478.18 million in the prior-year period.

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

Source: Mubasher

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