Cairo – Mubasher: The extraordinary general meeting (EGM) of Ezz Steel has approved a guarantee for Al Ezz factories regarding the short-term financing of EGP 350 provided from National Bank of Egypt (NBE).
The EGM decided to assign those who have the right to sign the guarantee contract and related documents, Egypt's largest steelmaker said in a filing to the Egyptian Exchange (EGX) on Wednesday.
The EGM has approved the guarantee for Al Ezz Factories in case the bank raised the short-term financing to the company by an additional sum of up to EGP 400 million.
It is worth noting that Ezz Steel’s investments in Al Ezz factories amount to around 98.91%.
The Egypt-based steel manufacturer had previously posted a net loss of EGP 1.09 billion for the full-year ended December 2017, compared to EGP 560.15 million a year earlier, including minority shareholders' rights
Sales grew to EGP 41.7 billion last year from EGP 23.18 billion in 2016.
