Cairo – Mubasher: Egyptian Iron and Steel (HADISOLB) on Wednesday announced that it has signed a protocol with Banque Misr to settle its debts of $59.56 million, in addition to the interest payable at 5% of the maturity date.

Upon the signed protocol, Egypt’s second-biggest state-run lender agreed that the company will pay EGP 750 million as a final settlement of two trials, HADISOLB added in a filing to the Egyptian Exchange (EGX).

The half of the sum will be paid through the company's unused land plot, while the remaining 50% from the firm's shares within two months of signing the protocol, the company indicated.

Accordingly, an interest payable of $6 million will be paid to Banque Misr and all appeals against HADISOLB will be dropped, including a case issued by the bank of around $6 million, according to the statement.

In November, HADISOLB reached an agreement with Banque Misr to settle its dues in exchange for a plot of land, a stake, dropping interests, and part of the debt.