Ezz Steel Company said that Ezz Dekheila Steel Company – Alexandria – affiliated – was able to obtain a long-term syndicated loan for a period of 6 years in foreign currency from a number of banks outside Egypt.

The company added, in a statement to the Egyptian Stock Exchange today, Sunday, that the loan aims to buy the share of banks and government agencies that contribute to Ezz El-Dekheila, which requested that the payment of the value of the shares be from resources in foreign currency in line with the state’s policy towards maximizing its foreign exchange resources.

She pointed out that Al-Ezz Dekheila will waive the entire value of the loan in favor of the Egyptian banking system.

The extraordinary general assembly of Ezz Steel Company agreed to conclude a joint payment guarantee in favor of Ezz Dekheila Steel Company – Alexandria – affiliated – with a maximum amount of $ 250 million, to finance the implementation of the voluntary delisting procedures of Ezz Dekheila Steel Company – Alexandria from the Egyptian Stock Exchange.
According to the statement, the public sector shareholders in Al-Ezz Dekheila Steel expressed their desire to exit from Ezz Dekheila Steel by selling shares in the company, and accordingly, the exit from the affiliated company will be carried out according to the mechanism of optional delisting from the stock exchange listing tables.

Ezz Steel indicated its commitment not to reduce the percentage of its actual shareholding in Ezz Dekheila Steel in order to guarantee the financial solvency of the company and its ability to secure the necessary resources to carry out the voluntary delisting and purchase the shares of those wishing to exit.