Al Ezz Dekheila Steel’s general meeting approves capital hike

Al Ezz Dekheila Steel’s an extraordinary general meeting (EGM) approved increasing the company’s authorised capital to 4 billion Egyptian pounds up from 1.5 billion pounds during

During the meeting, raising the company’s issued capital to  2.553 billion pounds up  from 1.336 billion pounds was also approved.

The capital increase will be distributed over 12.175 million shares at the share’s fair value estimated at 1,176 pounds at a nominal value of 100 pounds a share, in addition to 1,076.85 pounds per share as a bonus issue.

The additional capital raise will be distributed over 12.175 million shares at the share’s fair value estimated at 1,176 pounds at a nominal value of 100  pounds a share, besides 1,076.85 pounds a share as a bonus issue.

This step came as part of Al Ezz Dekheila Steel – Alexandria’s acquisition of an additional stake of 56 percent  in Ezz Flat Steel (EFS) and 100 percent stake in Ezz Rolling Mills (ERM).

During the first quarter of 2019, Al Ezz Dekheila Steel – Alexandria turned to a loss of 611.02 million pounds, versus a profit of 431.78 million pounds in Q1-18.