The Clap:
Local steel maker Ezz Steel’s board of directors (BoD) has approved a decrease of the company’s capital by writing 910,481 treasury shares with an EGP 4.55 million face value.
And approved issuance of joint guarantees for its subsidiaries:
The Ezz Steel BoD will issue joint guarantees of up to USD 500 million for Al Ezz Dekheila Steel Alexandria, Al Ezz Flat Steel, and Al Ezz Rolling Mills in favor of both local and international banks to obtain medium and long term financing facilities.
Market reaction:
Ezz Steel’s share value fell 0.69% yesterday on the EGX.
