Thursday , July 29 2021

Metal Holding successfully completed Banque Misr's iron and steel debt

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Cairo – By Mohamed Salah – Dr. Medhat Nafea, Chair of the Board of Directors of the Parent Company for the Metallurgical Industry, received Chairman of the Board of Directors Banque Misr today, to agree to the protocol for completing bank accounts with the Egyptian Iron and Steel Company. The Cairo Economic Court, which issued a final court ruling to pay bank fees of around $ 58.7 million for non-interest cases, was estimated at around $ 9 million.

The company said in a press release that it had agreed to pay off debts in exchange for bank acquisitions of land and parts of iron and steel companies, and to drop all interest and part of the debt. All legal cases, estimated at another $ 6 million, were attended by Mr. Abdul Aati Saleh, President of the Iron and Steel Company and a number of leaders from the Mineral Holding Company and Banque Misr. The meeting discussed various aspects of cooperation and the protocol was being completed in a few days and approved by the authorities.

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