{"id":559249,"date":"2021-01-14T03:45:32","date_gmt":"2021-01-14T03:45:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/14\/egyptian-iron-and-steels-new-mining-company-to-begin-trading-on-egx-in-2-months\/"},"modified":"2021-01-14T03:45:32","modified_gmt":"2021-01-14T03:45:32","slug":"egyptian-iron-and-steels-new-mining-company-to-begin-trading-on-egx-in-2-months","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/14\/egyptian-iron-and-steels-new-mining-company-to-begin-trading-on-egx-in-2-months\/","title":{"rendered":"Egyptian Iron and Steel\u2019s new mining company to begin trading on EGX in 2 months"},"content":{"rendered":"<p><strong>State-owned Egyptian Iron and Steel is being liquidated in a process that will <\/strong><strong>take up to two years<\/strong>, the company said in a <a href=\"https:\/\/ent.news\/2021\/1\/%D8%A7%D9%84%D8%AD%D8%AF%D9%8A%D8%AF-%D9%88%D8%A7%D9%84%D8%B5%D9%84%D8%A8-%D8%A8%D9%8A%D8%A7%D9%86-13-1-2021.pdf\">disclosure (pdf)<\/a> yesterday. The perennial lossmaker will have to sell off 6 mn sqm of its land assets to be able to pay off its EGP 9 bn in outstanding debts before liquidating, Public Enterprises Minister Hisham Tawfik told <a href=\"https:\/\/bit.ly\/3oKhYH8\">Al Arabiya<\/a>.<\/p>\n<p><strong>New mining company to list on EGX in the next 2 months:<\/strong> The company will spin off its mining operation as part of the liquidation process, creating a new company, Iron and Steel for Mines and Quarries, that will be listed on the EGX in the coming weeks, the disclosure says. Egyptian Iron and Steel expects to receive approval from the Financial Regulatory Authority to list the shares within two weeks, to receive approval to register the company within 10 days of issuing its shares, and to begin trading on the EGX two to three weeks after that.<\/p>\n<p><strong>Background:<\/strong> The company said earlier this week that it would <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/839a6b22-6c3d-453a-93c1-77111ac82759\">spin off its mining<\/a><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/839a6b22-6c3d-453a-93c1-77111ac82759\"><\/a><\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/839a6b22-6c3d-453a-93c1-77111ac82759\">operations<\/a> and liquidate its steel plant in Helwan as part of a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/71938aa0-e362-4429-9e61-30a853a317ad\">government strategy to streamline<\/a> the public sector. Tawfik said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f5d0471-dee4-4414-90f4-098e7257f873\">last year<\/a> that the troubled company would separate its most valuable business into a standalone company ahead of a potential listing on the EGX.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>State-owned Egyptian Iron and Steel is being liquidated in a process that will take up to two years, the company said in a disclosure (pdf) yesterday. The perennial lossmaker will have to sell off 6 mn sqm of its land assets to be able to pay off its EGP 9 bn in outstanding debts before [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9891],"tags":[3317,3450,68,1961,72,153,373,156],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559249","post","type-post","status-publish","format-standard","hentry","category-demerger-watch","tag-demerger","tag-demerger-watch","tag-egx","tag-egyptian-iron-and-steel","tag-enterpriseam","tag-hisham-tawfik","tag-mining","tag-public-sector","wpautop","entry"],"acf":{"mongo_id":"9bad9da9-4715-4ca2-af68-dc753167b285","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[559235],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egyptian Iron and Steel\u2019s new mining company to begin trading on EGX in 2 months - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/14\/egyptian-iron-and-steels-new-mining-company-to-begin-trading-on-egx-in-2-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian Iron and Steel\u2019s new mining company to begin trading on EGX in 2 months\" \/>\n<meta property=\"og:description\" content=\"State-owned Egyptian Iron and Steel is being liquidated in a process that will take up to two years, the company said in a disclosure (pdf) yesterday. The perennial lossmaker will have to sell off 6 mn sqm of its land assets to be able to pay off its EGP 9 bn in outstanding debts before [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/14\/egyptian-iron-and-steels-new-mining-company-to-begin-trading-on-egx-in-2-months\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-14T03:45:32+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/14\/egyptian-iron-and-steels-new-mining-company-to-begin-trading-on-egx-in-2-months\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/14\/egyptian-iron-and-steels-new-mining-company-to-begin-trading-on-egx-in-2-months\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egyptian Iron and Steel\u2019s new mining company to begin trading on EGX in 2 months\",\"datePublished\":\"2021-01-14T03:45:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/14\/egyptian-iron-and-steels-new-mining-company-to-begin-trading-on-egx-in-2-months\/\"},\"wordCount\":232,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"demerger\",\"DEMERGER WATCH\",\"EGX\",\"Egyptian Iron and Steel\",\"EnterpriseAM\",\"Hisham Tawfik\",\"mining\",\"public sector\"],\"articleSection\":[\"DEMERGER WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/14\/egyptian-iron-and-steels-new-mining-company-to-begin-trading-on-egx-in-2-months\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/14\/egyptian-iron-and-steels-new-mining-company-to-begin-trading-on-egx-in-2-months\/\",\"name\":\"Egyptian Iron and Steel\u2019s new mining company to begin trading on EGX in 2 months - 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Work will be halted until a settlement agreement is reached on compensation with the company\u2019s employees, the source added.The latest on the liquidation process:\u2026","rel":"","context":"In &quot;DEMERGER WATCH&quot;","block_context":{"text":"DEMERGER WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/demerger-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/27.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559170,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/electricity-company-demerger-pushed-to-2025\/","url_meta":{"origin":559249,"position":1},"title":"Electricity company demerger pushed to 2025","author":"enterpriseam admin","date":"12 January 2021","format":false,"excerpt":"The Egyptian Electricity Transmission Company\u2019s (EETC) planned split from the Egyptian Electricity Holding Company (EEHC) has been pushed until 2025, Al Mal reports, citing Electricity Ministry sources. The delay comes as a result of the government extending its timeline to withdraw electricity subsidies from 2022 until 2025, leaving electricity prices\u2026","rel":"","context":"In &quot;PUBLIC SECTOR&quot;","block_context":{"text":"PUBLIC SECTOR","link":"https:\/\/enterpriseam.com\/egypt\/category\/public-sector\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/129.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566125,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/30\/iron-and-steel-mining-spinoff-begins-trading-on-the-egx\/","url_meta":{"origin":559249,"position":2},"title":"Iron and Steel mining spinoff begins trading on the EGX","author":"enterpriseam admin","date":"30 May 2021","format":false,"excerpt":"Shares of state-owned Egyptian Iron and Steel\u2019s mining spinoff started trading this morning, the exchange said. The spinout, inventively named Iron and Steel Mines and Quarries, listed c. 978 mn shares after it received the all-clear from the EGX\u2019s securities registration committee last week. Its shares are now trading separately\u2026","rel":"","context":"In &quot;SPEED ROUND: CAPITAL MARKETS&quot;","block_context":{"text":"SPEED ROUND: CAPITAL MARKETS","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559361,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/19\/giza-spinning-postpones-ipo-shut-up-about-egyptian-iron-and-steel-already\/","url_meta":{"origin":559249,"position":3},"title":"Giza Spinning postpones IPO + shut up about Egyptian Iron and Steel, already","author":"enterpriseam admin","date":"19 January 2021","format":false,"excerpt":"Giza Spinning is shelving its planned IPO until at least 1Q2022 due to covid-19, but will reassess the timeline again based on market conditions, Managing Director Fadel Marzouk told Al Mal. Even if vaccine rollouts begin soon, the company has opted out of listing during the summer of 2021 as\u2026","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566080,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/26\/iron-and-steel-for-mines-and-quarries-to-list-tomorrow\/","url_meta":{"origin":559249,"position":4},"title":"Iron and Steel for Mines and Quarries to list tomorrow","author":"enterpriseam admin","date":"26 May 2021","format":false,"excerpt":"Shares of state-owned Egyptian Iron and Steel\u2019s mining spinoff \u2014 Iron and Steel for Mines and Quarries \u2014 will be listed on EGX at the end of tomorrow\u2019s session after the EGX\u2019s securities registration committee this morning greenlit the move, according to a bourse disclosure(pdf). Egyptian Iron and Steel\u2019s five-working-day\u2026","rel":"","context":"In &quot;SPEED ROUND: CAPITAL MARKETS&quot;","block_context":{"text":"SPEED ROUND: CAPITAL MARKETS","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559490,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/24\/plan-to-overhaul-state-owned-enterprises-hits-the-house\/","url_meta":{"origin":559249,"position":5},"title":"Plan to overhaul state-owned enterprises hits the House","author":"enterpriseam admin","date":"24 January 2021","format":false,"excerpt":"Tawfik outlines SOE overhaul plan for parliament: The Public Enterprises Ministry is looking to streamline state-owned spinning and weaving companies by merging nine companies into one mega-entity with seven ginning facilities under its purview, Minister Hisham Tawfik said in his address to the House of Representatives last week, according to\u2026","rel":"","context":"In &quot;PUBLIC SECTOR&quot;","block_context":{"text":"PUBLIC SECTOR","link":"https:\/\/enterpriseam.com\/egypt\/category\/public-sector\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/286.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=559249"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559249\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559235"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559249"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559249"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}