Ukrainian firm offers to develop, manage Hadisolb
The Egyptian Iron and Steel (Hadisolb) has received a technical and financial offer from a Ukrainian company to rehabilitate, develop, and manage the steel manufacturing firm, currently under-liquidation, under a revenue-sharing scheme.
The offer is under consideration by the parent company, Metallurgical Industries Holding Co, according to a bourse disclosure on Tuesday.
At the end of May, the Metallurgical Industries Holding Co decided tohalt operations at all factories of its subsidiary firm, Hadisolb, except the oxygen plant.
The liquidation process is expected to be complete within a maximum period of two years as of the date of the liquidation decision taken by the extraordinary general meeting (OGM).
During the first nine months of the fiscal year (FY) 2020/2021, Hadisolb suffered net losses of EGP 724.14 million, down from EGP 783.84 million in the prior-year period.