The Stock Exchange approves the procedures for elective delisting of the “Starch and Glucose” and “Nile Cotton” companies

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The Egyptian Stock Exchange listing committee agreed to proceed with the voluntary delisting procedures for the shares of the Egyptian Company for Manufacturing Starch and Glucose, and Nile Cotton Ginning.

The Stock Exchange indicated that it had agreed to the procedures for the voluntary delisting of the shares of the Egyptian Starch and Glucose Industry, whose issued and restricted capital is 415.64 million pounds, distributed over 50.08 million shares with a nominal value of 8.3 Egyptian pounds per share.

She added that the shares are represented in seven issues of the Egyptian securities listing “shares”.

She confirmed that the purchase of the shares of those who wish to sell will take place among the shareholders who object to the delisting decision and who have not responded to the purchase offer at a price of EGP 9.63 based on a fair value study prepared by the independent financial advisor in implementation of the company’s board of directors decision, in accordance with Article (55) of the rules Registration and Article (74) of its executive procedures and their amendments, in implementation of the pledge referred to in the purchase offer executed on May 11, and based on what was stated in the company’s memorandum of last March 28.

In the same context, the Stock Exchange also agreed to proceed with the voluntary delisting procedures for the shares of the Nile Cotton Ginning Company, whose issued and restricted capital amounts to 264.96 million pounds, distributed over 52.99 million shares with a nominal value of 5 Egyptian pounds per share.

She explained that the shares are represented in thirteen issues of the listing of Egyptian securities “shares”, by buying the shares of those shareholders who object to the delisting decision and who did not respond to the purchase offer at a price of 50 pounds per share, which is the same as the purchase bid price executed on October 1. The past, according to Article (55) of the registration rules and Article (74) of its executive procedures and their amendments.

The Stock Exchange required the two companies to publish an announcement in two widely circulated morning newspapers detailing the purchase process, provided that the purchase of the shares of those who wish to sell shall be made from among the shareholders who object to the delisting decision and who did not respond to the purchase offer according to the dates indicated in this announcement.

The department concerned with the registration sector presents the final cancellation of the registration of the company’s shares to the registration committee after the market operations sector notifies the registration sector to carry out the company’s purchase of all shares offered for sale from the shareholders who object to the delisting decision and who did not respond to the purchase offer, while deleting the company’s data from the database The Egyptian Stock Exchange, and notifying the Misr Clearing, Depository and Central Registry Company accordingly.

The article The Stock Exchange adopts the procedures for the voluntary delisting of the “Starch and Glucose” and “Nile Cotton” companies. It was written in the Al-Borsa newspaper.