Minister of Public Enterprise Sector Hisham Tawfik said that the Iron and Steel Company for Mines and Quarries will be listed on the Egyptian Stock Exchange within two weeks.
The minister explained that the registration of the split company from the Iron and Steel Company is a major and preliminary step and must be done first before proceeding with the negotiation procedures with the workers and applying the decision to liquidate the Egyptian Iron and Steel Company.
Last week, the Official Gazette published the decision of the Extraordinary General Assembly of the Egyptian Iron and Steel Company to separate the mining activity in an independent company under the name of the Iron and Steel Company for Mines and Quarries.
In January 2021, the General Assembly decided to separate the mining activity in a separate company, with the aim of extracting iron ore and all other mineral ores and quarrying ores and trading in them internally and externally.
The minister indicated that the Holding Company for Metallurgical Industries and its affiliated Iron and Steel Company will begin procedures for forming a workers compensation committee after completing the division procedures and listing the new company on the stock exchange.
The company is 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 meeting the legal requirements.
The statement indicated that the iron and steel company will continue to be listed in the stock exchange, provided that the shares of the divided company will be registered in the stock exchange after notation in the commercial registry, their registration, their shares recorded and the disclosure report published, in accordance with Article 138 of the executive regulations of Law 159 of 1981.
In a previous statement to the Stock Exchange, the company expected that the process of issuing licenses, establishing the split company, and putting it up for trading in the money market will take place within two months of the date of the assembly.