ArabFinance: Egyptian Iron and Steel (HADISOLB) (IRON) announced that there are no new updates regarding the offer submitted by Ukraine's Vazhmash to rehabilitate and develop HADISOLB, according to a statement filed to the Egyptian Exchange (EGX).
Moreover, the company revealed that some assets are currently being evaluated to be sold to Iron and Steel for Mines and Quarries (ISMQ).
Proceeds from this sale transaction will be received as a guarantee for the rights of creditors and workers.
The company is still carrying out business divestment process in accordance with the decisions of the ordinary and extraordinary general meetings (OGM and EGM) held on January 11th, 2021.
In June, HADISOLB received a financial and technical offer from a Ukrainian company to develop and rehabilitate the company.
ESIC, an affiliated company of Metallurgical Industries Holding, is an Egypt-based public shareholding company engaged in the exploitation, production, and trade of iron and steel products.
The company provides two product segments, major products, and other Products.
