Ezz Steel announced its decision to proceed with a voluntary delisting from the stock market. The decision was made during the board meeting held on December 7, 2024.  

 

The company revealed in a filing to the Egyptian Exchange (EGX) that it aims to withdraw its shares from trading, offering shareholders the opportunity to sell their shares under specific mechanisms outlined in the announcement.  

 

According to the procedures disclosed, Ezz Steel will purchase shares from shareholders willing to sell at a fair price. This price will be determined based on the highest closing price of the stock during the past month, the average closing price over the previous three months, or the fair value determined by an independent financial advisor.  

 

The company has set a maximum price of EGP 120 per share for the buyback, with the possibility of an increase pending a decision by the board of directors.  

 

To ensure a fair valuation of the stock, Ezz Steel has appointed BDO Keys Financial Consulting to conduct a specialized study.  

 

Completion of this process is contingent on approval from the Extraordinary General Assembly. The chairman has been authorized to call for a meeting to vote on the voluntary delisting decision.