Cairo – Mubasher: Egyptian Iron and Steel (Hadisolb) announced a board reshuffle after the approval of the resignation of the Chairman and the board members.
The Chairman of the Metallurgical Industries Holding Co decided to reform the board of directors of Hadisolb, effective as of 7 October, according to a bourse disclosure on Wednesday.
The new board includes the appointment of Farouk Khamis Gharib Badawy as a Non-Executive Chairman.
Ali Abdel Mohsen Bekhit has been chosen as a temporary Managing Director until the decision is referred to the company’s shareholders for approval.
During fiscal year 2019/2020, Hadisolb incurred net losses of EGP 887.37 million, down from EGP 1.52 billion in the previous fiscal year.
