Cairo – Mubasher: Egyptian Iron and Steel (HADISOLB) said it would hold extraordinary general meeting on 27 September 2016, to discuss the company’s ability to continue operating.
The meeting comes in the framework of the Egyptian capital market law, after the company’s losses have exceeded more than 50% of its capital, said Mohamed Sakr, Investors Relation Manger.
HADISOLB suffered losses of EGP 585.76 million at the fiscal year ended 30 June 2016, which accounts for nearly 60% of the company’s capital.
The firm is capitalized at EGP 976.87 million distributed across 488.4 million shares at EGP 2 par value each.
