Arab Finance: Company decided Ezz Steel – (ESRS)Implementing voluntary delisting procedures from the Egyptian Stock Exchange and purchasing shares of objectors, shareholders who express their desire not to continue with the company, shares of certificates of deposit on the London Stock Exchange, and mortgaged creditors, according to statement Egyptian Stock Exchange.
It added that it is committed to purchasing the shares of objectors and shareholders who express their desire not to continue with the company after delisting, at the highest of the following values:
– The highest closing price of the share during the month preceding the date of issuance of the Board of Directors’ decision, amounting to 118.98 pounds per share.
– Or the average closing price of the stock during the three months preceding the date of issuance of the Board of Directors’ decision, amounting to 108.19 pounds per share.
– Or the fair value of the stock determined by an independent financial advisor.
Ezz Steel also decided to commission BDO Keys, a financial securities consulting firm, to prepare a study of the fair value of the company’s shares.
The maximum available funding for implementing the voluntary delisting process is 120 pounds per share, and in the event that the assessments determined in accordance with Article 55 of the listing and delisting rules exceed the maximum available funding, the Council has the decision not to continue the delisting procedures before submitting to the extraordinary assembly the cancellation of the invitation.
Regarding the consolidated and unconsolidated results of its business for the period ending on 06/30/2024, it showed achieving a consolidated net profit amounting to 1.562 billion pounds, compared to a consolidated net loss amounting to 643.286 million pounds, according to the company stated in Her statement Sent to the Egyptian Stock Exchange.
The results also showed a net profit independent It amounted to 568,005 million pounds, compared to a standalone net loss of 38,353 million pounds for the same period of the previous year.
The company was established in 1994 and the purpose of the company and its subsidiaries is to manufacture, trade and distribute iron and steel of all types and related products and services. Ezz Steel is currently one of the largest steel producers in the Middle East and North Africa, and it also exports lengths and flat steel products to many countries around the world. In 2011, Ezz Steel’s production capacity reached 7 million tons annually, divided between 4.7 million tons of steel length products and 2.3 million tons of hot-rolled flat steel coils. These high-quality products are manufactured through the four Ezz Steel factories inside Egypt, and their advanced production units, which are the latest in technology in this industry.
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