Arab Finance: Ezz Steel Company’s board of directors decided to buy shares from objecting shareholders and those unwilling to continue owning shares in the company following its voluntary delisting for EGP 138.15 per share, as per a disclosure.
This price will also apply to shares subject to certificates of deposit (CDs) listed on the London Stock Exchange, in compliance with 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 preceding the announcement of the delisting intention and a 40% premium over the average price for the six months preceding the announcement.
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