The Egyptian Iron and Steel Company submitted a request to stop dealing in the company’s shares as of the beginning of the trading session tomorrow, Tuesday, May 25th.
The company stated in a statement to the Egyptian Stock Exchange today, Monday, that the suspension of trading until the presentation to the registration committee to consider approving the reduction of the Egyptian iron and steel capital (the divisive company) and the registration of the shares of the Iron and Steel Company for Mines and Quarries (split), and the re-dealing of iron and steel shares, and the start of Trading in mining and quarrying stocks.
Egyptian Iron and Steel had submitted documents to record the amendment of the company’s shares as a result of the restructuring by dividing it horizontally into two companies.
According to the stock exchange statement yesterday, Sunday, the two companies are:
1- The Egyptian Iron and Steel Company – which is the shareholder company with authorized capital of 2 billion Egyptian pounds and issued capital after the reduction of 1,758,370,100.40 Egyptian pounds, divided into 976,872,278 shares, with a nominal value of 1.8 pounds per share.
2- Iron and Steel Mines and Quarries Company – which is the split company (a new company) with authorized capital of 500 million Egyptian pounds and issued capital of 195,374,455.60 Egyptian pounds, distributed over 976,872,278 shares, with a nominal value of 0.20 pounds per share.