Ezz Steel sets share buyback price at $2.7mln after voluntary delisting
Ezz Steel, the largest steel company in Egypt, has announced its decision to buy back shares from shareholders who object to or are unwilling to retain their ownership following the company’s voluntary delisting from the stock exchange for EGP 138.15 per share, as per a disclosure.
The company had announced its intention to voluntarily delist from the Egyptian Stock Exchange (EGX) in December. They had called an Extraordinary General Assembly meeting (EGM) for January 28, 2025, to discuss the delisting process and related measures.
The report says that this price will also apply to shares represented by certificates of deposit (CDs) listed on the London Stock Exchange, following the provisions of the Egyptian Exchange’s (EGX) Article 55 of the listing and delisting rules.
The valuation was based on a report by independent financial advisor BDO Egypt.
The delisting price represents a 28% premium over the average share price for the three months prior to the announcement of the delisting intention and a 40% premium over the average price for the six months leading up to the announcement.