Egypt's Hadisolb denies receiving $400mln letter of guarantee from Sahara Group

Procedures are underway to list the shares of its mining spinoff in the central registry

  
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) denied news reports about receiving a letter of guarantee worth $400 million from Sahara Group.

Sahara Group has neither submitted the required documents nor presented the foreign technical partner that will offer the development and reform plan, the steel manufacturer said in a bourse disclosure on Wednesday.

Procedures are underway to list the shares of its mining spinoff in the central registry and appoint a liquidator for the steel plant, Hadisolb added.

During the first half (H1) of FY20/21, Hadisolb suffered net losses of EGP 437.05 million, down from EGP 478.18 million in the prior-year period.

Source: Mubasher

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