Hadisolb settles all disputes with Banque Misr
Egyptian Iron and Steel (Hadisolb) announced settling all its disputes with Banque Misr.
Hadisolb signed a preliminary sale agreement to transfer the ownership of a land to its parent company Metallurgical Industries Holding Co in consideration of the shares transferred by the latter to Banque Misr at a value of EGP 375 million, according to a bourse disclosure on Monday.
Accordingly, an amount of EGP 325 million will be returned, leading to cutting expected losses for the period ending on 30 June.
The implementation of a dispute settlement protocol between the two parties has been 50% complete with the transfer of 73.3 million shares valued at EGP 375 million to Banque Misr, while the remaining part is transferring real estate assets worth EGP 375 million to the bank.