Cairo – Mubasher: Egyptian Iron and Steel (HADISOLB) said its board of directors gave a nod to increase its issued capital by around 100% from EGP 976.8 million to EGP 1.95 billion.

The capital increase will be distributed across 488.4 million shares at EGP 2 par value each.

HADISOLB brought down its losses to EGP 585.76 million for the fiscal year 2015/16 from EGP 760.5 million a year earlier.