Ezz Steel has announced its decision to voluntarily delist from the Egyptian Stock Exchange (EGX). The decision, approved during a board meeting on December 7, 2024, was disclosed in a filing to the EGX.
The delisting aims to remove the company’s shares from trading, providing shareholders an opportunity to sell their shares through specified mechanisms. Ezz Steel plans to repurchase shares from shareholders at a fair price, determined by the highest closing price in the past month, the average closing prices over the last three months, or an independent financial advisor’s valuation.
To finance the delisting, the company has secured a loan from Emirates NBD, according to local media reports.
The delisting process requires the approval of an extraordinary general assembly. The company’s chairman has been authorized to convene the meeting for a shareholder vote on the proposal.
Ezz Steel operates four fully integrated steelmaking plants in Egypt with a combined production capacity of 7 mln tons of flat and long steel products annually.
