Ezz Steel shares jumped more than 5% at the start of trading on Tuesday, topping the Egyptian Stock Exchange after announcing the optional delisting price.
By 10:45 am Cairo time, the stock rose 5.08% to EGP 126.8 with EGP 182 million in trading.
Ezz Steel decided to set the purchase price for the delisted shares according to the fair value stated in the report of the independent financial advisor BDO.
The company said on Tuesday that it was decided to buy the shares of objectors and shareholders who express their desire not to continue in the company after the delisting, as well as to buy shares of deposit certificates at EGP 138.15 per share; This will be after presenting it to the company’s extraordinary general assembly.
The company confirmed that the delisting price is thus higher than the average share price during the three months prior to announcing the intention to delist by 28%, and during the six months prior to announcing the intention by 40%.
The Extraordinary General Assembly is scheduled to convene on Tuesday, January 28, to approve the optional delisting of the company’s shares from the Egyptian Stock Exchange and to purchase the shares of those affected by the optional delisting.
It will also discuss opening a temporary account called the Optional Delisting Shares Account, the purpose of which is limited to executing the purchase of shares of shareholders affected by the delisting, provided that this account is financed by the company or a third party guarantee.
Ezz Steel Company announced yesterday, Monday, a study of the fair value of the company’s shares prepared by BDO Keys Financial Consulting Company for Securities.