21
Apr
01:00
Ezz Steel to increase stake in Suez-based subsidiary
Ezz Steel is increasing its stake in subsidiary Ezz Flat Steel (EFS) to 73% from the current 64% by converting $255 million of loans into equity, a company representative tells Kallanish.
The capital increase will be through a debt write off, with no cash exiting the firm. Ezz will issue 15 million shares in unlisted EFS at a value of $17/share. The producer has in the past 3-4 years extended loans to its subsidiary to fund the addition of a 1 million tonnes…
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