Cairo – Mubasher: The board of directors of the Egyptian Iron and Steel (Hadisolb) approved an addendum to protocol of cooperation with Banque Misr to settle the company’s debts.
About 50% of the protocol, which states the transfer of ownership of 73.3 million shares, equivalent to EGP 375 million, has been settled, the company said in a filing to the Egyptian Exchange (EGX) on Wednesday.
The remaining EGP 375 million will be repaid by transferring the ownership of real estate assets valued at EGP 375 million to the Egyptian lender.
The addendum extends the period of the protocol until the completion of assessments of the land plots.
In February, the bank’s board approved the sale of a land to the state-run bank to settle its debts.
In November 2018, the EGX-listed firm announced signing a protocol with Banque Misr to settle its debts of $59.56 million, in addition to the interest payable at 5% from the maturity date.
