Egyptian Iron and Steel Company revealed the details of establishing the company from which it was split after the extraordinary general assembly agreed to divide the company and separate the mining activity in an independent company.
The company said, in a report to the board of directors sent to the stock exchange today, Monday, that the new company, named Iron and Steel Company for Mines and Quarries, will be divided from the Egyptian Iron and Steel Company, with the aim of extracting iron ore and all other mineral ores and quarrying ores and trading in them internally and externally.
The company will be established with authorized capital of 500 million pounds and issued capital of 195.4 million pounds distributed over 976.9 million shares, with a nominal value of 20 piasters per share, provided that a license to practice the activity is obtained after fulfilling the legal requirements.
