Cairo – Mubasher: The Egyptian Iron and Steel (Hadisolb) announced the proforma financial statements of the demerged and resulting companies for fiscal years 2017/2018, 2018/2019, and 2019/2020.

The equity rights of the resulting company amounted to EGP 195.58 million in FY17/18, FY18/19, and FY19/20, according to a bourse disclosure on Sunday.

In addition, the demerged company reported negative stockholders' equities of EGP 3.31 billion in FY17/18, EGP 4.982 billion in FY18/19, and EGP 5.96 billion in FY19/20.

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

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.