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Al Ezz Dekheila Steel raises capital to EGP 1.95bn

Al Ezz Dekheila Steel raises capital to EGP 1.95bn
The issued capital will be raised by EGP 614.76 million
Al Ezz Dekheila Steel
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Cairo – Mubasher: The board of directors of Al Ezz Dekheila Steel – Alexandria decided to increase the company’s issued capital to EGP 1.95 billion from EGP 1.33 billion.

The issued capital will be raised by EGP 614.76 million through the issuance of 6.14 million shares at a nominal value of EGP 100 apiece as well an issue premium of EGP 1,076.85 a share, according to a bourse disclosure on Wednesday.

The capital raise was fully paid through the acquisition of shares in companies subscribing to the issuance, namely Al Ezz Flat Steel Co (EFS) and Al Ezz Rolling Mills, based on the fair value (FV) of these shares shown in the company’s financial position as of 20 December 2019.

It is worth mentioning that during the January-September period of 2019, Al Ezz Dekheila Steel – Alexandria incurred net losses of EGP 2.25 billion, against net profits of EGP 996.55 million in the prior-year period, including minority shareholders’ rights.