The FRA has canceled all trades made on Egyptian Iron & Steel (IRON) during the December 1st, 2021 trading session, according to a statement to the EGX.
More details🧐 Egyptian Iron & Steel, a company that announced liquidation in early 2021, saw its stock price rise 111% in the period between 1st of November to 31st of November 2021.
Why is this important🤔 As of May 31st, 2021, IRON was EGP 9 billion in debt. The company’s debt is expected to increase further by EGP 2.25 billion. The FRA will be revising the rules governing the 1) mandatory delisting, & 2) trading of companies undergoing liquidation.
