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CAIRO - Ezz Steel (EGX: ESRS; London Stock Exchange (LON:LSEG): AEZD), has announced the approval of its voluntary delisting from the Egyptian Stock Exchange (EGX) and the London Stock Exchange (LSE). The decision came following an Extraordinary General Assembly meeting held on January 28, 2025.
The company has agreed to the fair value of EGP 138.15 per share, as assessed by the independent financial advisor BDO Keys for Financial Consultancy on Securities (S.A.E.) and corroborated by an auditor’s report. This valuation will be the basis for purchasing shares from shareholders who object to the delisting or prefer not to remain with the company post-delisting, as well as for acquiring shares underlying the Global Depositary Receipts (GDRs) listed on the LSE.
In compliance with Article (55) of the EGX Listing & Delisting Rules, Ezz Steel will establish a temporary account specifically for the purpose of facilitating the share purchase from dissenting shareholders. The account will be funded by the company or guaranteed by a third party.
The Chairman & Managing Director, or his delegate, is authorized to carry out all necessary procedures to implement the voluntary delisting, including the acquisition of shares from objecting shareholders, pledgee creditors, and offering shareholders. The company will also handle all requisite dealings with the Financial Regulatory Authority (FRA), the General Authority for Investment and Free Zones (GAFI), and other relevant governmental and non-governmental entities.
This strategic move follows a disclosure made on January 13, 2025, on the screens of the EGX and LSE, which detailed the independent financial advisor’s report. The delisting process is part of Ezz Steel’s broader corporate strategy, although the company has not publicly detailed the reasons behind the decision to delist.
The information regarding these resolutions is based on a press release statement issued by Ezz Steel Company - S.A.E.
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