Following the extraordinary general shareholders’ meeting and approval of the project, the first step towards financing the Aleshtar steel cord and textile-reinforced conveyor belt plant through a capital increase was taken.
According to Kaniyar Saei (Kanisa) Public Relations , following economic, technical and financial feasibility studies and the submission of supporting documents and reports by the board and statutory auditor, the company’s extraordinary general meeting convened on Wednesday, 8 Azar, with full shareholder support and participation, and approved the capital increase.
Shareholders also supported facilitating and accelerating implementation to achieve the project’s strategic, economic and social objectives as soon as possible. Arrangements were completed for uninterrupted subsequent financing stages in line with the project’s cash-flow requirements.
Given all shareholders’ alignment and agreement on achieving the defined objectives promptly, the various implementation stages are expected to proceed at a satisfactory pace and quality, enabling inauguration and operation in the near future.
The meeting was attended by representatives of Mines and Metals Investment, Tajali Investment, Sangan Steel and Tuka Foolad Investment as Kaniyar Saei shareholders, together with the statutory auditor and company board members.
Steel cord conveyor belts are strategic imported products for mining industries. Domestic production will end dependence on these products, which currently require substantial foreign-currency expenditure.