Million purchase of treasury shares

Ghneim Salwa wrote: Under the guidance of Dr. Mahmoud Mohi Eddin said the investment Holding Company for Metallurgical Industries one million shares of treasury stock Egyptian Iron and Steel Company of its activity in support of the movement of the stock market price of 13 Egyptian pounds per share. And Abdul Aziz al-Hafez, chairman of Egyptian Iron and Steel Company to the Holding Company for Metallurgical Industries owns 97.5% of the shares of the iron and steel, there are 5 million shares in the hands of private shareholders and made the holding of the mineral industries by offering to buy one million shares because of the low share price to about 10 pounds to 70 pounds at the time of the stock market recovery, pointing out that the price was always at a stable rate of 37 pounds, and the nominal value of 2 pounds. The head of the company said that the purchase of the shares is also the benefit of the holding company through the purchase of the stock today, a very low price and sell at high prices in the future, and the difference represents the profit of the Holding Company and the Company is the holding company is the authority for any financial crisis experienced by its affiliates. He added that the Holding Company for Metallurgical Industries, has already conceded that the amount of shares owned by the Iron and Steel Company in exchange for payment of debts owed to the National Investment Bank, was valued at 1600 million pounds and the iron and steel company to pay 700 million pounds of the debt stock of the Bank and the immediate payment of the remainder of the through a waiver of the Holding Company for Metallurgical Industries of the shares owned by 3 companies that have a value of 900 million pounds last year. He has been paid in full the outstanding indebtedness on the company and ended with the debt of $ 7 billion pounds in 2005 to zero in 2008, noting that without the settlement of the debt owed by the iron and steel company today bears the payment of 800 million pounds in interest each year.