Egypt’s Ezz Steel has received shareholder approval to voluntarily delist from the Egyptian Exchange (EGX), according to a stock exchange filing.
The company will buy shares from dissenting or unwilling shareholders, including those underlying its Global Depositary Receipts (GDRs) listed on the London Stock Exchange (LSE), at EGP 138.15 (USD 2.74) per share. The valuation, based on a report by independent financial advisor BDO Egypt, represents a 28pct premium over the three-month average price before the delisting announcement and a 40pct premium over the six-month average.
To finance the delisting, Ezz Steel has secured a loan from Emirates NBD, local media reported.
The company has faced recent challenges, including a major blast furnace malfunction at its Suez plant in November 2024, which could reduce annual output and impact flat steel sales and foreign currency revenues. Additionally, in August 2024, the European Trade Commission launched an anti-dumping investigation into Ezz Steel’s hot-rolled flat steel exports.
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.
1 USD / 50.2 EGP
