Source: Company Disclosure to EGX

Ezz Steel (ESRS.CA) announced that during a Board of Directors meeting held on December 7, 2024, the Board approved the optional delisting of the company’s shares from the Egyptian Exchange (EGX) and its GDRs from the London Stock Exchange. The decision includes provisions to purchase shares from objecting shareholders, minority investors, and secured creditors, in accordance with Article 55 of the EGX listing and delisting regulations.

The company committed to acquiring shares at the highest of the following values: EGP 118.98 per share (the highest closing price in the month preceding the Board's resolution), EGP 108.19 per share (the average closing price over the prior three months), or the fair market value determined by an independent financial advisor.

Assigning BOD Financial Consulting for Securities to prepare a fair value study for the company's share

The Board has set a maximum financing limit of EGP 120 per share for the delisting process. If valuations exceed this limit, the delisting procedure will be reassessed before presenting it to the Extraordinary General Assembly. The Board reserves the right to cancel the EGM invitation if necessary.

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