Ezz Steel may soon delist its shares from the EGX: Ezz Steel’s board of directors has voted to begin procedures for delisting its shares from the EGX.  The move now awaits the the general assembly’s greenlight, according to an EGX statement (pdf).

The details: Objecting shareholders can sell their shares back to the company at either the highest closing price during the month preceding the board of directors’ statement — EGP 118.98 per share — or the fair value of the company’s shares as determined by an independent financial advisor registered with the Financial Regulatory Authority (FRA). The board has authorized a delisting price of up to EGP 120 per share, with the company retaining the right to void the delisting should the price per share exceed that threshold. The company will finance the delisting with available liquidity and a loan from Emirates NBD, Al Borsa reports.

Advisors: The company has tapped BDO Keys Financial Consulting to carry out the valuation.

What’s next? The board has authorized the company’s chairman to convene an extraordinary general assembly of the company’s shareholders to vote on the decision once the FRA completes the necessary approvals for the delisting.

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