Egyptian Iron and Steel Company (CASE:IRON) agreed to spin-off quarrying and mining operations on October 12, 2020. The quarrying and mining operations will be spun into a new company. The new company is to be owned by the shareholders of Egyptian Iron and Steel Company. A committee will be formed to assess the book value ahead of the transaction. The transaction was approved by 82.5% of the shareholders of Egyptian Iron and Steel Company. In addition, the ordinary general meeting of the shareholders of Egyptian Iron and Steel Company approved the appointment of the new Board of Directors for a three-year term. On May 26, 2021, Egyptian Exchange's (EGX) listing committee approved the listing of shares of Iron and Steel for Mines and Quarries, the spinoff company of the Egyptian Iron and Steel. The company's shares will be listed with an issued and paid-up capital of EGP 195.374 million distributed over 976.872 million shares at a nominal value of EGP 0.2 apiece. Shares will be listed under the ticker symbol “ISMQ.CA” at the end of May 27, 2021.

Egyptian Iron and Steel Company (CASE:IRON) completed the spin-off quarrying and mining operations on May 31, 2021.