RNS Number : 7020R
EZZ Steel Company - S.A.E.
09 June 2024
 

 

 

EZZ Steel Company - S.A.E.

Cairo, 9 June 2024 - Ezz Steel (EGX: ESRS; London Stock Exchange: AEZD)

The resolutions of the company's Extra ordinary General Assembly meeting held on 8 June 2023 are as follows:

1-   Approving the decrease of the company's capital by writing off 910,481 treasury shares with a face value of EGP 4,552,405 and amending Articles (6) and (7) of the company's articles of association to reflect this capital decrease.

2-   Approving for Ezz Steel to issue joint guarantees in favor of its subsidiaries (Al Ezz Dekheila Steel Alexandria (EZDK), and its subsidiaries Al Ezz Flat Steel (EFS) and Al Ezz Rolling Mills (ERM)), up to a maximum of USD 500 million (five hundred million US Dollars) or the equivalent in Egyptian pounds, in favor of banks inside and/or outside Egypt, to comply with terms, conditions and undertakings required for these subsidiaries to obtain medium and long term loan facilities, and authorizing Mr. Hassan Nouh -Managing Director, or whoever he delegates, to sign these joint guarantees, all documents related to them, and the undertakings of the joint guarantor, Ezz Steel Company, their appendices and amendments, including approving arbitration clauses if any.

 

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