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EGX halts trading on Hadisolb's stock

EGX halts trading on Hadisolb's stock
Shareholders reportedly approved a decision to liquidate its steel plant
Egyptian Iron & Steel
IRON
3.59% 3.10 0.11

Cairo – Mubasher: The Egyptian Exchange (EGX) announced the halt of trading on the shares of the Egyptian Iron and Steel (Hadisolb) pending an announcement of the extraordinary general meeting’s (EGM) decisions.

Trading on the company’s shares will remain suspended until a disclosure is made to the bourse regarding the decisions of the EGM, held on 11 January, the EGX said in a statement on Tuesday.

On Monday, the company’s shareholders reportedly approved a decision to liquidate its steel plant and spin off its mining operations.

The reason for liquidation is the rising losses incurred by the company and its inability to return to production.

During the first quarter (Q1) of fiscal year 2020/2021, Hadisolb incurred net losses of EGP 274.48 million, down from EGP 367.8 million in the year-ago period.