Bitumode board approves MTO to delist from EGX

Modern Waterproofing’s (Bitumode) BoD approved delisting the company from the EGX and taking it private, according to a bourse disclosure (pdf). Bitumode will make a mandatory tender offer to its shareholders on the EGX worth EGP 3.91, which was the same price in Sika Egypt’s MTO when it purchased 119 mn shares in Bitumode in June,the company said in a disclosure (pdf). The EGX placed Bitumode on its “D-list” as it should have delisted after a majority stake acquisition.