Monday, 24 May 2021

One step closer to another listing

Trading of Egyptian Iron and Steel shares will be suspended as of tomorrow, pending approval from the EGX listing committee on the listing of shares of its mining spinoff on EGX, the company said in a bourse filing (pdf) this morning. The Financial Regulatory Authority (FRA) gave on Thursday the all-clear for the new company’s registration and trading on the EGX, which comes as part of Egyptian Iron and Steel’s two-year liquidation process that includes spinning off its mining operations into Iron and Steel for Mines and Quarries. A date to when the new company’s shares will be listed is yet to be announced.

MARKET ROUNDUP-

The EGX30 fell 0.47% at today’s close on turnover of EGP 1.75 bn (27.7% above the 90-day average). Local investors were net sellers. The index is down 0.78% YTD.

In the green: ElSewedy Electric (+1.7%), Eastern Company (+0.5%) and CIB (+0.3%).

In the red: Pioneers Holding (-3.0%), AMOC (-2.9%) and Qalaa Holdings (-2.8%).

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