Mon, 7th Oct 2019 07:00
EZZ Steel Company - S.A.E.
5 October 2019
In the context of Ezz Steel's desire to achieve transparency, please find hereunder a summary of the resolutions of the Board of Directors held on Thursday, October 3, 2019.
1. Ratifying of the minutes of the previous meeting of the Board of Directors held on 8/7/2019
2. Approving the acquisition by Al Ezz Dekheila Steel Company-Alexandria of up to 35,290,000 shares of Ezz Flat Steel Company, owned by Ezz Steel, based on the fair value per share of $10.09 ( ten dollars and nine cents only per share), by creating a credit balance to be used to subscribe to the capital increase of Al Ezz Dekheila Steel - Alexandria, based on a fair value of LE 1176.85, being LE 100/share nominal value plus LE 1076.85/ share as issuance premium, without issuance fees. The Board also authorized the Chairman & Managing Director, and the Co-Managing Director severally to complete all the procedures for executing the acquisition before the Financial Regulatory Authority (FRA), the General Authority for Investment and Free Zones (GAFI), the Egyptian Stock Exchange and all governmental and non-governmental entities, as well as before any other party associated with this matter. Both the Chairman & Managing Director, and the Co-Managing Director are severally authorized to delegate others to execute all or part of the above.
3. Approving to pay for the shares of Ezz Rolling Mills owned by Ezz Steel Company, which will be acquired by Ezz Dekheila Steel - Alexandria, by means of creating a credit balance to be used to subscribe to the capital increase of Ezz Dekheila Steel - Alexandria.
4. Approving to post the summary of the fair value studies prepared by the independent financial advisor of the shares of Ezz Dekheila Steel - Alexandria, Ezz Flat Steel, and Ezz Rolling Mills as well as the auditors' reports to the stock exchanges' screens.
The meeting ended at 3 pm on the same day.
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