The FRA Grievance Committee reviewed the complaint from Ahmed Abdel Aziz Ezz, the main shareholder of Ezz Steel, regarding the exclusion of his 68% stake from voting on the company’s delisting decision. The committee accepted the grievance for review but ultimately rejected it on substantive grounds.
Unofficial Translation of FRA Disclosure:
The Grievance Committee in Egypt's Financial Regulatory Authority (FRA) has issued its decision regarding grievance No. 1 of 2025, filed by Ahmed Abdel Aziz Ezz, the principal shareholder of Ezz Steel.
On January 14, 2025, Ahmed Ezz’s representative filed the grievance under Articles 50 and 51 of the Capital Market Law No. 95 of 1992, contesting the exclusion of his 68% stake and those of related parties from voting in the Extraordinary General Assembly (EGA) meeting held on December 16, 2024. The EGA discussed the voluntary delisting of Ezz Steel shares from the EGX and passed resolutions related to this delisting with approval from shareholders representing 75% of free-float shares.
On January 22, 2025, the FRA Grievance Committee reviewed the matter and decided to accept the grievance for review but ultimately rejected it on substantive grounds.
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