ArabFinance: Egypt’s government intends to list the demerged company from the Egyptian Iron and Steel Company (EISC) on the Egyptian Exchange (EGX), Minister of Public Business Sector Hisham Tawfik told Masrawy.

On October 12th, the company’s extraordinary general meeting (EGM) approved the division of the company.

The EGM decided to split the mining and quarrying activity of EISC in a separate company. EISC’s shareholders will have free shares in the new company in exchange for their stake in ESIC, Tawfik said.

It is worth mentioning that the new company has been established and ready to be listed on the EGX.

In mid-September, EISC’s board of directors disagreed to separate mining and quarrying activity in a standalone company.

The board’s resolution came based on the Holding Company for Metallurgical Industries' (MIHC) proposal that took place on September 13th.

The listed company, an affiliated company of MIHC, is an Egypt-based public shareholding company engaged in the exploitation, production, and trade of iron and steel products. The company provides two product segments, Major Products, and Other Products.

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