The extraordinary general assembly of Al-Ezz Dekheila Steel Company – Alexandria, held on Saturday, unanimously approved the voluntary delisting of the company’s shares from the Egyptian Exchange (EGX).
Informed sources told Daily News Egypt that the general assembly also agreed to buy the shares of government agencies in the company, which amount to about 32.9%, at a value of up to EGP 8bn, and are owned by by several bodies, including the National Investment Bank (NIB), the National Bank of Egypt (NBE), Banque Misr, EGPC, Misr Insurance Company, and other government agencies.
The sources added that the general assembly saw the presence of all the shareholders of government agencies, with the unanimous approval of about 97% of the total shareholders of the company. In addition, financing the purchase deal through the dollar loan that Ezz Dekheila announced would be obtained from Emirates NBD Bank was also approved.
The sources also indicated that EGX is expected to specify the opening dates for the OPR screens, after the company documents the minutes of the General Assembly meeting in order to implement the deal.
The sources added that the government will exit the voluntary delisting process, and that Ezz Steel will not buy any shares, and will buy its shares in a process similar to buying treasury shares.
Ezz Steel group owns about 64% of the shares of Al-Ezz Dekheila Steel Company, and the government represented by a number of entities owns about 32.9%, and about 3% is allocated for small investors.
The Egyptian government plans to exit from its entire stake in Ezz Dekheila – Alexandria, which amounts to about 32.9%. It is owned by several government agencies, including Banque Misr, NBE, and the NIB.
Hala El-Said, Minister of Planning and Economic Development, said that the government will withdraw from the company for the benefit of the private sector, at a value of $241m, of which 60% is in dollars, and 40% in Egyptian pounds.
The board of directors of Al-Ezz Dekheila Steel agreed to voluntarily delist the company’s shares from the stock exchange, while purchasing the shares of those affected by the voluntary delisting at a price of EGP 1,250 per share.
