The Securities Listing Committee has approved the voluntary delisting of Al-Ezz Dekheila Steel Company in Alexandria, which has a capital of 1.951 billion pounds and 19.512 million shares at 100 pounds per share. The company will buy back shares from objecting shareholders, supporters not wanting to continue, mortgage creditors, and other shareholders at a price of 1250 pounds per share. The company decided to voluntarily delist its shares after an August 5th general assembly meeting, which gained approval from the General Authority for Investment and Free Zones.
Ezz Steel Company announced that its subsidiary, Ezz Dekheila Steel Company, secured a 6-year foreign currency loan from international banks. This loan is intended to purchase shares from banks and government agencies involved with Al-Ezz Al-Dakhila, aligning with the government's strategy to bolster foreign exchange reserves.
The general assembly of Ezz Steel Company has approved a joint payment guarantee of up to $250 million for Ezz Dekheila Steel Company. This financing is aimed at facilitating the voluntary delisting of Ezz Dekheila Steel from the Egyptian Stock Exchange. It's worth noting that Ezz Steel reported losses of 2.48 billion pounds in the first quarter of 2023, compared to profits of 1.21 billion pounds in the same period in 2022, considering minority interests. However, the company's total sales increased to 27.84 billion pounds in the first quarter of 2023, up from 18.64 billion pounds in the same quarter of 2022. In terms of independent business units, the company incurred losses of about 190.96 million pounds in the first quarter of 2023, in contrast to profits of 18.2 million pounds in the same period the previous year.