Egyptian steel titan Ezz Dekheila re-buys listed shares for nearly EGP 8.7 bln

The company bought each share for EGP 1,250 from shareholders unwilling to remain with the company after being delisted from the Egyptian Exchange (EGX).

The bourse filing did not disclose the details of the deal. However, Al Ezz Dekheila announced in August that it was seeking loans in foreign currency to finance the re-purchasing of listed shares.

In July, the company’s board of directors approved voluntary delisting ahead of the Egyptian government announcing the sale of a 31 percent stake in the company for $241 million, out of the 36.4 percent held by different state-owned entities.

According to the company's website, the steel company holds 64 percent of total shares, while 36 percent are free-floated on the EGX.

Al Ezz Dekheila has a total value of EGP 1.95 billion, calculated from its 19.5 million listed shares.