Ezz Steel submitted its official application for voluntary delisting from the Egyptian Stock Exchange based on the decision taken at the Extraordinary General Assembly. The process, which was initiated to remove a total of 542.354 million shares from the trading tables, is being carried out in accordance with the relevant regulations. The stock exchange management announced that the application is being analysed and the details of the share purchase process for the shareholders affected by the voluntary exit will be shared soon.
The company announced that it will pay EGP 138.15 per share to investors wishing to dispose of their shares, based on the fair value determined according to the report of independent financial advisor BDO. It was stated that this price is 28% higher than the average share price in the three-month period before the announcement of the voluntary exit decision and 40% higher than the prices in the six-month period.
On the other hand, the Financial Supervisory Authority rejected the objection of Ahmed Ezz, the main shareholder of the company, to limit the voting rights of himself and related parties. In the statement made, it was stated that the objection was evaluated in terms of form but was not found appropriate in terms of substance. According to official records, Ahmed Ezz owns more than 68 per cent of Ezz Steel.
Comments
No comment yet.