27 Jul 2011
(MENAFN) The Egyptian stock exchange’s chairman, Mohamed Abdel-Salam, said that Ezz Steel and Al Ezz Dekheila’s stocks trading was temporarily suspended after both companies failed to provide full financial statements for all of last year and for this year’s first quarter, reported The National.
Abdel-Salam added that the stock exchange gave both companies two weeks to report their results or face the penalty of trading suspension. Ezz Steel, which owns 55 percent of Al Ezz Dekheila, reported the 2010 financial statement alone, reporting a 53 percent decrease in the company’s net income to USD19.4 million.
It is worth mentioning that Al Ezz Dekheila’s former chairman, Ahmed Al Ezz, is suspected for possible corruption, and is being investigated by the country’s prosecutor general as the country is trying well know figures in corruption cases.
On a related note, analysts see that the political turmoil that took over Egypt and is aiming for political corrections had the downside of causing damage to the steel industry and to the economy in general. Moreover, a hike in fuel prices is not helping the industry recover.
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