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Steel & Metal
- Egypt -

Ezz Steel Shares Jump Over 5% Following Delisting Announcement

Ezz Steel shares surged more than 5% at the start of trading on Tuesday, topping the Egyptian Stock Exchange after the company announced 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 set the purchase price for the delisted shares according to the fair value stated in the report by independent financial advisor BDO. The company decided to buy the shares of objectors and shareholders who do not wish to continue with the company after the delisting, as well as shares of deposit certificates, at EGP 138.15 per share. This decision will be presented to the company’s extraordinary general assembly.

The delisting price is 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 by 40%. The Extraordinary General Assembly is scheduled to convene on Tuesday, January 28, to approve the optional delisting and purchase the shares of those affected.

The assembly will also discuss opening a temporary account called the Optional Delisting Shares Account, intended to execute the purchase of shares of shareholders affected by the delisting, financed by the company or a third-party guarantee.

Ezz Steel announced on Monday a study of the fair value of the company’s shares prepared by BDO Keys Financial Consulting Company for Securities.

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