Egyptian Iron and Steel calls for an extraordinary association to approve the division of the company
The Egyptian Iron and Steel Company called for an extraordinary general assembly next January to approve the reasons for dividing the company into two companies.
The company said in a statement to the stock exchange today, Monday, that the extraordinary general meeting scheduled for January 11, 2021, will discuss approval of dividing the company horizontally and approve the final evaluation report issued by the verification committee, and the detailed division project.
The Financial Supervision Authority had approved the detailed proposal to divide the Egyptian Iron and Steel Company, according to a statement sent from the Authority to the Egyptian Stock Exchange on Sunday.
The authority said that it approved the decision of the company’s board of directors, which was held on November 29, to invite the company’s extraordinary general assembly to obtain its approval of the detailed division project.