Ezz Steel announces voluntary delisting from EGX

Ezz Steel announced Sunday its decision to voluntarily delist from the Egyptian Stock Exchange (EGX).

 

In a filing to the EGX, the company stated that the decision was approved during a board meeting held on December 7, 2024.  

 

The move aims to withdraw the company’s shares from trading, offering shareholders the opportunity to sell their shares in accordance with the outlined mechanisms.  

 

The company stated that it would purchase shares from shareholders wishing to sell at a fair price, determined by the highest closing price during the previous month, the average closing prices over the past three months, or the fair value assessed by an independent financial advisor.  

 

Ezz Steel set a maximum purchase price of LE 120 per share, with the possibility of an increase subject to a board decision.  

 

To ensure the fair valuation of the shares, the company has engaged BDO Keys Financial Advisory to prepare a specialized valuation study.  

 

The delisting process is contingent on the approval of an extraordinary general assembly, for which the company’s chairman has been authorized to call a meeting to vote on the delisting proposal.