Cairo – Mubasher: The extraordinary general meeting (EGM) of the Egyptian Iron and Steel (Hadisolb) decided to proceed in spinning off its quarrying and mining operations into a new company.

About 82.5% of shares voted for the establishment of a new company for the quarrying and mining operations to be owned by the same shareholders of Hadisolb, according to a bourse disclosure on Tuesday.

A committee will be formed to assess the book value ahead of the split.

In addition, the ordinary general meeting (OGM) approved the appointment of the new board of directors for a three-year term effective 7 October.

During fiscal year 2019/2020, Hadisolb incurred net losses of EGP 887.37 million, down from EGP 1.52 billion in the previous fiscal year.