31st Jul 2008 07:00
ezzsteel Board authorizes proposed rights issue
31 July 2008, Cairo, Egypt - Al Ezz Steel Rebars Co ('ezzsteel / the Company'), the largest producer of finished steel products in the Middle East and North Africa, today announced that the Board of Directors of ezzsteel was convened on July 30th, 2008, and has decided for a capital increase through a rights issue. The Company is currently seeking approvals from competent authorities. The Board has authorized the Chairman and Managing Director to set the date of subscription which will start 15 days after the date of publishing the approved resolution in the Egyptian newspapers. The subscription period will last for one month. In the event that not all rights are subscribed to, the capital increase shall only represent the subscribed shares. Prior to the start of subscription, further information will be announced on the size, timing and use of proceeds for the transaction.
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Enquiries:
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Ezz Steel |
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Kamel Galal |
+ 20 2 762 2144 |
+ 20 10 539 5499 |
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Capital MS&L |
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Claire Maloney |
+44 207 307 5341 |
+ 44 7770 958 479 |
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Neil Doyle |
+ 971 4367 6160 |
+ 971 508 432 465 |
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Jennifer Martin |
+ 44 20 7307 5335 |
+ 44 7841 401304 |
About ezzsteel
ezzsteel is the largest independent steel producer in the Middle East and North Africa, with a total actual capacity of 5.3 million tonnes of finished steel per annum in 2007. It is the Egyptian market leader with over 65 per cent market share in terms of sales.
In 2007, the Company produced 3.1 million tonnes of long products (typically used in construction) and 1.7 million tonnes of flat products (typically used in consumer / industrial goods). ezzsteel's customer base is geographically diversified, with flat products mainly directed to export markets, whereas long products are sold in the domestic market. More than 70 per cent of its plants are less than 10 years old using the latest in modern steel making technology.
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Al Ezz Gds Regs