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Egyptian Iron and Steel approves land valuation at EGP 1.23bn to settle debt

Egyptian Iron and Steel (Hadisolb) approved valuation reports of its land plots as part of a debt settlement process.

These lands have been valued based on debt settlement protocols between Egyptian Iron and Steel, Metallurgical Industries Holding Co, Banque Misr, and Petrotrade, the steel manufacturer said in a bourse disclosure on Sunday.

The company’s land plots, covering an area of 270 acre in Helwan’s Tebbin, and another plots, which extend for an area of 325 feddans within the company’s premises, have been valued at EGP 1.23 billion.

During the first quarter (Q1) of fiscal year 2020/2021, Egyptian Iron and Steel incurred net losses of EGP 274.48 million, down from EGP 367.8 million in the year-ago period.

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