Cairo – Mubasher: The ordinary general meeting (OGM) of the Egyptian Iron and Steel (Hadisolb) approved the financial position for the period ended 31 May and the liquidation balance from 1 January to 31 May with a net loss of EGP 590.31 million. 

The shareholders also approved the auditor's report for the liquidation process during the five-month period ended 31 May and the appointment of Mostafa Hassan Mahmoud as the company's liquidator, the company said in a bourse disclosure on Thursday. 

The OGM gave initial approval for the sale of the needed assets to Iron and Steel for Mines and Quarries. 

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

During the first nine months of fiscal year (FY) 2020/2021, Hadisolb suffered net losses of EGP 724.14 million, down from EGP 783.84 million in the prior-year period.