The Egyptian Stock Exchange announced it has received a voluntary delisting request signed by the legal representative of Ezz Steel shares, covering 542.354 million shares with a nominal value of EGP 5 per share. This move follows a decision by the Extraordinary General Assembly.

The exchange disclosed on Monday that delisting procedures are underway, including presenting the request to the Listing Committee and implementing the purchase of shares from affected shareholders, including objectors, mortgaged creditors, and other shareholders. Further details will be announced later.

The delisting follows Article No. 55 of the Listing and Delisting Rules and Article No. 74 of its executive procedures. Ezz Steel's Extraordinary General Assembly unanimously approved the delisting. The company set a purchase price of EGP 138.15 per share, based on the fair value determined by independent financial advisor BDO. This price is 28% higher than the average share price over the three months before the delisting announcement and 40% higher than the six months before the announcement.

The Financial Regulatory Authority rejected a grievance filed by Ahmed Ezz, the main shareholder, against excluding his shares and related parties' shares from voting on the delisting decision. The Grievance Committee accepted the grievance in form but rejected it in substance. Ahmed Ezz owns over 68% of Ezz Steel shares, according to the Financial Regulatory Authority's statement.