Cairo – Mubasher: The Egyptian Exchange’s (EGX) listing committee decided to slash the issued capital of the Egyptian Iron and Steel (Hadisolb) as a result of the company’s decision to spin out its mining operations to Iron and Steel for Mines and Quarries.
The issued capital will be reduced to EGP 1.758 billion distributed over 976.872 million shares at a nominal value of EGP 1.8 apiece, the EGX said in a statement on Wednesday.
The share’s nominal value was cut to EGP 1.8 from EGP 2.
In January, the company’s shareholders approved a decision to liquidate its steel plant and spin off its mining operations.
