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Ezz Steel sets share buyback dates on EGX

Published 20/02/2025, 09:50
Ezz Steel sets share buyback dates on EGX
ESRS
0.62%

CAIRO - Ezz Steel (EGX: ESRS; London Stock Exchange (LON:LSEG): AEZD), a leading steel manufacturer in the Middle East, has received approval from the Egyptian Stock Exchange (EGX) Listing Committee for its share buyback program. The company announced that a Special Operations Market (OPR) will be established for the execution of the buyback, starting Sunday, February 23, 2025, and concluding on Thursday, March 6, 2025.

During this period, shareholders who wish to sell their Ezz Steel shares can register their selling orders at a fixed price of EGP 138.15 per share. The buyback will be conducted in two phases. The first phase will accommodate shareholders who register their selling orders between the start of the OPR and 1:00 pm on Thursday, February 27, 2025. Their shares will be bought in the trading session on the same day. The second phase will cater to those registering their orders after this deadline up until 1:00 pm on Thursday, March 6, 2025, with execution set for the trading session of March 6.

Settlement for both execution phases will follow a T+2 basis, meaning the transaction will be settled two business days after the execution date. Ezz Steel has committed to purchasing shares from all selling shareholders under the stipulated dates and conditions.

The company has appointed Hermes Securities Brokerage, based in Cairo, Egypt, as its broker for the operation. Additionally, holders of Ezz Steel’s Global Depositary Receipts (GDRs) who wish to sell the underlying shares must refer to the company’s specific instructions for GDR holders, which were previously published on the London Stock Exchange on January 29, 2025.

This share buyback initiative is part of Ezz Steel’s strategy to manage its capital structure and provide value to its shareholders. The information regarding the buyback program is based on a press release statement from Ezz Steel.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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