The Egyptian Stock Exchange said that it received the request for voluntary delisting signed by the legal representative of Ezz Steel shares, for 542.354 million shares with a nominal value of EGP 5 per share from the stock exchange tables, voluntarily delisted in implementation of the decision of the Extraordinary General Assembly.
The stock exchange added in a disclosure today, Monday, that the voluntary delisting procedures are being completed to present the request to the Listing Committee and implement the purchase of shares of all shareholders affected by the voluntary delisting, including those objecting to the delisting, as well as mortgaged creditors and other shareholders, the details of which will be announced later.
This is in implementation of the voluntary delisting procedures in accordance with Article No. 55 of the Listing and Delisting Rules and Article No. 74 of its executive procedures.
The Extraordinary General Assembly of Ezz Steel Company unanimously approved the delisting of the company’s shares from the stock exchange.
Ezz Steel set the purchase price of the delisted shares; According to the fair value stated in the report of the independent financial advisor BDO, it was decided that the shares of objectors and shareholders who express their desire not to continue in the company after the delisting will be purchased, as well as the shares of deposit certificates will be purchased at EGP 138.15 per share.
The company confirmed that the delisting price is thus higher than the average share price during the three months prior to the announcement of the intention to delist by 28%, and during the six months prior to the announcement of the intention by 40%.
It is noteworthy that the Financial Regulatory Authority rejected the grievance filed by Ahmed Ezz, the main shareholder in Ezz Steel Company, against the exclusion of his shares and the shares of parties related to him from voting on the decisions of the extraordinary general assembly to voluntarily delist the company’s shares.
The Financial Regulatory Authority said in a disclosure that the Grievance Committee accepted the grievance in form and rejected it in substance.
Ahmed Ezz owns more than 68% of Ezz Steel Company shares; according to the Financial Regulatory Authority’s statement issued today, Wednesday.
