EGX okays listing Egyptian Iron, Steel shares after capital cut

The capital will be distributed on 976.872mln shares

  
The Egyptian Exchange bell is seen at the stock exchange in Cairo, Egypt February 6, 2018. Image used for illustrative purpose.

The Egyptian Exchange bell is seen at the stock exchange in Cairo, Egypt February 6, 2018. Image used for illustrative purpose.

REUTERS/Amr Abdallah Dalsh
 

The Egyptian Exchange (EGX) concerned committee approved listing the share of Egyptian Iron and Steel Company (IRON) (EISC) following the capital cut, according to EGX’s disclosure on May 26th.

The listed company will decrease its capital to EGP 1.758 billion from EGP 1.953 billion by cut the par value of its share to EGP 1.8 from EGP 2 per each.

The capital will be distributed on 976.872 million shares.

EISC posted revenues of EGP 816.24 million in July-April 2021.

EISC decided to demerge into two companies Egyptian Iron and Steel (demerged company) and Iron and Steel for Mines and Quarries (demerging company).

The Metallurgical Industries Holding (MIH) will appoint a liquidator next week in order to wind up the Egyptian Iron and Steel company (EISC).

ESIC, an affiliated company of Metallurgical Industries Holding, 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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