CAIRO - EZZ Steel Company S.A.E., a leading steel manufacturer in Egypt, has announced its intention to voluntarily delist from the Egyptian Stock Exchange (EGX). The company has called an Extraordinary General Assembly meeting (EGM) for Tuesday, January 28, 2025, to discuss the delisting process and related measures.
The agenda for the EGM includes the certification of the fair value study of the company's shares, prepared by an Independent (LON:IOG) Financial Advisor (IFA), along with the auditor's report on the study. Shareholders will vote on the proposed delisting and the purchase of shares from those affected by the delisting at the higher of several valuation measures, in compliance with EGX Listing & Delisting Rules.
EZZ Steel plans to open a temporary account specifically for the purpose of executing the share purchases, which will be funded by the company or through a third-party guarantee. The Chairman & Managing Director, or a delegate, is to be authorized to complete all necessary delisting procedures and represent the company in dealings with regulatory authorities and other entities.
The company has outlined several requirements for shareholders who wish to attend the EGM, including proof of share ownership and the freezing of shares for attendance. An executive summary of the IFA's fair value study will be made available on the EGX screens and at the company's headquarters at least fifteen days before the EGM.
Furthermore, EZZ Steel is facilitating electronic participation in the EGM, allowing shareholders to attend and vote remotely. Electronic voting will open on Tuesday, January 21, 2025, and will remain available until the EGM concludes. Shareholders can submit questions regarding the agenda in advance through specified channels.
This move to delist comes amid a broader context where companies worldwide are evaluating their presence on public stock exchanges, weighing the benefits of public trading against the regulatory and financial implications. The information regarding EZZ Steel's delisting proposal is based on a press release statement.
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