Result of EGM

6 Mar 2006 17:56

Al EZZ Steel Rebars S.A.E.06 March 2006 News Release Al Ezz Steel Rebars Co. S.A.E Shareholders Approve Acquisition of Shares Cairo, Egypt - 6 March 2006: Al Ezz Steel Rebars Co. S.A.E. announces that in anExtraordinary General Meeting convened yesterday its shareholders approved theacquisition by the Company of 4,016,230 (four million sixteen thousand twohundred and thirty shares) shares of Al Ezz Al Dekheila for Steel - Alexandriacurrently owned by Al Ezz Group Holding for Industry and Investment "EzzIndustries" S.A.E., Egyptian Global Company for Commercial Investment Ltd,Metallurgical Investment Development Company Ltd. and Egyptian InternationalCompany for Industrial Investment Ltd. The acquisition will increase Al EzzSteel Rebars Co. S.A.E stake in Al Ezz Al Dekheila for Steel - Alexandria toover 50% and it will be concluded through a swap of shares, in accordance withArticle (22) of the Executive Regulation of Capital Market Law 92/1995, based onthe auditors' report prepared by KPMG in respect of the valuation of the sharesand the determination of the swap equivalent. Therefore, the Company's issuedshare capital is increased by 87,979,534 shares. Also it was approved toincrease the Company's authorized capital to 8 billion Egyptian Pounds. This information is provided by RNS The company news service from the London Stock Exchange