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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.
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