Cairo – Mubasher: The Egyptian Iron and Steel (Hadisolb) submitted a request to halt trading on its shares starting from the trading session on Tuesday, 25 May, to allow the company to spin out its mining operations to Iron and Steel for Mines and Quarries.
Trading will be halted until the listing committee approves the reduction of Hadisolb’s capital and the listing of the shares of Iron and Steel for Mines and Quarries, the company said in a disclosure to the Egyptian Exchange (EGX) on Monday.
According to a statement by the EGX on Sunday, Hadisolb’s authorised capital amounts to EGP 2 billion and the issued capital was reduced to EGP 1.758 billion distributed over 976.872 million shares at a nominal value of EGP 1.8 apiece.
The authorised capital of Iron and Steel for Mines and Quarries stands at EGP 500 million, while the issued capital reaches EGP 195.374 million distributed over 976.872 million shares at a nominal value of EGP 0.20 apiece.
In January, the company’s shareholders approved a decision to liquidate its steel plant and spin off its mining operations.
