Cairo – Mubasher: The Ordinary and Extraordinary General Assemblies of the Egyptian Iron and Steel Company – Under Liquidation, approved the liquidation account and its extension for an additional year.
According to the company's disclosure to the Egyptian Exchange today, the Extraordinary General Assembly approved extending the company's liquidation period for an additional year, effective from January 2027 or upon the completion of the liquidation works, whichever is earlier.
Regarding the Ordinary General Assembly, the assembly was briefed on the observations contained in the auditor's report on the statement of financial position and the liquidation account for the first half of the current year.
The liquidator's report was ratified, and the statement of financial position and the statement of revenues and liquidation expenses for the same period were approved, which resulted in a surplus of EGP 210,089,923.
The Assembly emphasized the necessity of the company's commitment to applying occupational safety and health standards, enhancing preventive measures, and purchasing the necessary protective equipment for employees carrying out handover operations to protect their lives, in addition to the liquidator's commitment to complete transparency, the procedures for selling the company's assets, divesting shareholdings, and protecting the company's properties.
The recommendations also stressed the urgency of determining and finalizing the tax suspension, taking the necessary measures to resolve all disputes and controversies, and paying the due taxes in accordance with the provisions of the Income Tax Law, in addition to swiftly finalizing settlements with the Egyptian National Railways, the Egyptian Electricity Transmission Company, and Petroleum Services Company – Petrotrade.
The Assembly demanded the prompt initiation of all necessary legal procedures to remove encroachments on some of the company's lands, protect them, prevent the recurrence of encroachments, and register the lands owned by the company.
The Assembly also requested the liquidator to swiftly complete the liquidation works and submit a timeline outlining the necessary timeframes to submit a final account in light of the remaining works.
