{"id":590003,"date":"2023-07-12T00:00:00","date_gmt":"2023-07-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/12\/al-ezz-dekheila-to-delist-as-government-sells-its-stake\/"},"modified":"2023-07-12T00:00:00","modified_gmt":"2023-07-12T00:00:00","slug":"al-ezz-dekheila-to-delist-as-government-sells-its-stake","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/12\/al-ezz-dekheila-to-delist-as-government-sells-its-stake\/","title":{"rendered":"Al Ezz Dekheila to delist as government sells its stake"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <span style=\"font-weight:700\">The government is out of Al Ezz Dekheila: <\/span>The government has sold its entire 31%stake in Ezz Steel subsidiary Al Ezz Dekheila for USD 241 mn, Planning Minister Hala El Said said yesterday (<span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=codm6ZxMamE\" style=\"\">watch, runtime: 10:17<\/a><\/span><span style=\"font-weight:400;\">). El Said made the announcement at a press conference to announce a string of asset sales under its IMF-backed privatization program (read the full rundown above.) <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Al Ezz Dekheila to delist:<\/span><span> Al Ezz Dekheila <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/7\/440.pdf\" style=\"\">announced (pdf)<\/a><\/span><span> earlier in the day that it would be <\/span><span style=\"font-weight:400;\">voluntarily delisting from the EGX within three months and offered to buy back the shares from objecting shareholders for EGP 1,250 per share, 52.4% above the stock\u2019s closing price on 9 July and 38.6% above the three-month average up to 10 July. The company said it will finance the buyout through foreign-currency loans, primarily from foreign banks. Representatives of Al Ezz Dekheila didn\u2019t respond to our phone calls when we reached out for comment yesterday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We had an idea this was coming:<\/span><span> In a letter to the Sovereign Fund of Egypt leaked by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cairo24.com\/1818657\" style=\"\">Cairo24<\/a><\/span><span>last month, Al Ezz Dekheila said that a number of state-owned shareholders \u2014 which include the National Investment Bank and the National Bank of Egypt \u2014 had signaled they would divest their stakes and sell them back to the company. This came in the wake of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/233aedd0-f51c-47a3-9b29-b2e2c3d3cd7c\" style=\"\">a report from Asharq Business<\/a><\/span><span style=\"font-weight:400;\">, which claimed that two state institutions were in talks with Ezz Steel to sell down a combined 14% stake in Al Ezz Dekheila.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Remember:<\/span><span> Government ownership of the company is spread among a number of institutions. <\/span><span>NIB and NBE are the largest single shareholders, owning 8.15% and 5.78% respectively, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/7\/444.pdf\" style=\"\">a company document (pdf)<\/a><\/span><span style=\"font-weight:400;\">. Stakes are also held by Misr Ins., Misr Life Ins. and Banque Misr, as well as a number of state funds.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Why the voluntary delisting?<\/span><span> Buying back 30% of its shares from the state-owned entities <\/span><span style=\"font-weight:400;\">would have put the company in breach of listing rules, which require companies to have at least 10% of their share capital in freefloat. \u201cWhen the company buys out these stakes, its status as a listed company will violate the EGX rules, which will obligate them to delist from the EGX,\u201d Omar Taha, an equity analyst at Prime Research, told us. \u201cA voluntary delisting would be the best method to preserve the share\u2019s value.\u201d <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Why the exit?<\/span><span> \u201cThese state-owned companies want to divest their shares because they n<\/span><span style=\"font-weight:400;\">eed liquidity given the country's FX crunch, and in light of the government's efforts to bring more foreign-currency into the public purse,\u201d Taha told us.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Market reax: <\/span><span>Al Ezz Dekheila\u2019s share price surged 20% during trading yesterday to close at <\/span><span style=\"font-weight:400;\">EGP 978.87.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next:<\/span><span> Shareholders will convene on 5 August to vote on the decisions to delist and <\/span><span style=\"font-weight:400;\">buy-out the remaining shareholders.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Planning minister says gov\u2019t will receive USD 281 mn through sale of its entire 31% stake<\/p>\n","protected":false},"author":1,"featured_media":590004,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7321],"tags":[102,68,72,589,7128,248,585,81,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-capital-markets","tag-egx","tag-enterpriseam","tag-ezz-steel","tag-ma-watch","tag-national-bank-of-egypt","tag-national-investment-bank","tag-privatization-watch","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"7ace4d4a-08f1-4f2e-bc12-15379d392de7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/366.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Al Ezz Dekheila to delist from EGX as government sells its stake","related_issue":[589996],"teaser":"Planning minister says gov\u2019t will receive USD 281 mn through sale of its entire 31% stake","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.a2552140-543b-4024-b7bf-f967a6fa0468.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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