Economic Update – Developments
The Resurrection Committee of the Egyptian Stock Exchange has approved the removal of Ezz Steel Company’s shares, which have a capital of 2.71 billion pounds, distributed over approximately 542.3 million shares.
According to the committee, Ezz Steel has acquired around 163.7 million shares from shareholders who opposed the voluntary delisting. This acquisition constitutes 30.19% of the total capital shares subject to export, while the shares available for public trading account for 88% of the overall shares.
In February, the Egyptian Stock Exchange mandated Ezz Steel to repurchase shares from shareholders who objected to the voluntary delisting, as well as from mortgaged creditors and other shareholders looking to sell. The repurchase price is set at a fair value of 138.15 pounds per share.
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