Al Ezz Gds Regs Regulatory News (AEZD)

31 Jan 2008 09:50

Al EZZ Steel Rebars S.A.E.31 January 2008 Al Ezz Steel Rebars Co. Authorized capital: 8,000,000,000 EGP Issued capital: 911,940,970 EGP Resolutions of the Extraordinary General Assembly Meeting and the Ordinary General Assembly Meeting The Extraordinary General Assembly Meeting (EGM) of Al Ezz Steel Rebars Co.S.A.E was validly held on December 31st, 2007. The following resolutions werepassed during this meeting: 1. Approval of an offering by the Company of notes denominated in Egyptianpounds (the "Offering"). The offered securities will be negotiable nominalnon-convertible notes ranking pari passu with bank loans and any follow upoffering of debt securities. The maturity of the notes shall be no more than 7years and the Offering shall be undertaken in one tranche with a total principalamount of up to 1,100,000,000 EGP (One Billion and One Hundred Million EgyptianPounds) in denominations of 100 EGP. The purpose of the Offering is to prepay infull or partially the Company's outstanding long term debts and short termdebts. The notes will be fully offered to the public in a public subscription inEgypt and will carry a fixed rate of interest. 2. Authorization of the Board of Directors to determine the terms and conditionsof the Offering, to undertake all necessary procedures for its completion, andto provide the appropriate level of guarantees to the noteholders. The Ordinary General Assembly Meeting (OGM) of the Company was validly held onthe same date, December 31st, 2007. The following resolutions were passed duringthis meeting: 1. Approval of the Board of Directors' Report on the Company's activities duringthe nine-month period ended September 30th, 2007. 2. Approval of the Auditor's Report on the Company's Financial Statements as atand for the nine-month period ended September 30th, 2007. 3. Approval of the Company's financial statements and the proposed distributionfor the nine-month period ended September 30th, 2007 of 1 EGP per share. 4. Approving the Company's contribution to the capital of EZZ Flat Steel S.A.E. - Ends - Enquiries: Ezz Steel Kamel Galal Tel:+ 20 2 3762 2144 Mobile:+ 20 10 539 5499 Capital MS&LJennifer Martin Tel:+ 44 20 7307 5335 Mobile:+ 44 7841 401304 About Al-Ezz Steel Rebars Co. S.A.E. Al Ezz Steel Rebars (Ezz Steel) (CASE: ESRS; London Stock Exchange: AEZD)is thelargest independent steel producer in the Middle East and North Africa, with atotal actual capacity of 5.3 million tonnes of finished steel per annum. It isthe Egyptian market leader with over 65% market share in terms of sales. In the first nine months of 2007, it produced 2.3 million tonnes of longproducts (typically used in construction) and 1.3 million tonnes of flatproducts (typically used in consumer / industrial goods). Ezz Steel's customerbase is geographically diversified, with flat products mainly directed to exportmarkets, whereas long products are typically sold in the domestic market. Morethan 70% of Ezz Steel's plants are less than 10 years old using the latest inmodern steel making technology. This information is provided by RNS The company news service from the London Stock Exchange