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Egypt's Ezz Steel signs LE1.7 bn deal to restructure debts

Ahram Online , Monday 19 Jan 2015
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Views: 1660

Egypt's largest steel producer, Ezz Steel, signed a LE1.7 billion ($236 million) loan agreement with National Bank of Egypt and Arab African International Bank to restructure its debts.

The debt will be repaid in quarterly installments for seven years starting 2015, the company said in a press release to the stock exchange without specifying the interest rate.

The company share price jumped 2.1 percent on Sunday when it announced it is taking a loan from banks before dipping 1.01 percent at 12.41 Cairo Local Time on Monday.

Ezz served as the national organiser of Mubarak's now-dissolved National Democratic Party.

 

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