{"id":592435,"date":"2023-08-06T00:00:00","date_gmt":"2023-08-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/al-ezz-dekheila-steel-greenlights-share-buyback-egx-delisting\/"},"modified":"2023-08-06T00:00:00","modified_gmt":"2023-08-06T00:00:00","slug":"al-ezz-dekheila-steel-greenlights-share-buyback-egx-delisting","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/al-ezz-dekheila-steel-greenlights-share-buyback-egx-delisting\/","title":{"rendered":"Al Ezz Dekheila Steel greenlights share buyback, EGX delisting"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PRIVATIZATION-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Al Ezz Dekheila buyback + delisting in motion:<\/strong>The extraordinary general assembly of Al Ezz Dekheila Steel approved the voluntary delisting of the steel manufacturer from the EGX, Asharq Business said in <a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1687815089452167168?s=20\" style=\"\" rel=\"noopener\">a tweet<\/a> yesterday. The assembly also reportedly approved Ezz Dekheila\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ace4d4a-08f1-4f2e-bc12-15379d392de7\" style=\"\" rel=\"noopener\">plan to buy the 31% stake<\/a> in the company previously owned by government entities, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/08\/05\/1697499\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports. The government is offloading its stake as part of its privatization plans. Parent company Ezz Steel on Wednesday approved to extend a payment guarantee worth up to USD 250 mn to finance the voluntary <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d82f1f7-7449-4dbd-a811-8a61f731bbf2\" style=\"\" rel=\"noopener\">delisting of its subsidiary<\/a>, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/213.pdf\" style=\"\" rel=\"noopener\">a statement to the bourse<\/a> <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/213.pdf\" style=\"\" rel=\"noopener\">(p<\/a> <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/213.pdf\" style=\"\" rel=\"noopener\">df)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Al Ezz Dekheila <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d82f1f7-7449-4dbd-a811-8a61f731bbf2\" style=\"\" rel=\"noopener\">plans to retire<\/a> all of the freefloat shares acquired from the government. This will leave Ezz Steel with almost full ownership of the now-private company \u2014 and potentially 100% control depending on how many minority shareholders decide to sell their shares.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FINTECH-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our first digital bank is set to launch in 1Q 2024:<\/strong> Banque Misr plans to launch the country\u2019s first digital bank in the first quarter of next year, <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/mund45md\" style=\"\" rel=\"noopener\">Al Mal<\/a> reported on Thursday citing sources familiar with the matter. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Several Gulf investment funds are eyeing a minority stake in Misr Digital Innovation (<a target=\"_blank\" href=\"https:\/\/www.mdi.com.eg\/pages\/\" style=\"\" rel=\"noopener\">MDI<\/a>), the company set up by Banque Misr to launch its digital banking arm, the newspaper <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f00ce5f-258d-42ee-a4e5-a668e76ee0a9\" style=\"\" rel=\"noopener\">reported<\/a> last month. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ceb3441-e6c5-4f50-b5ac-d2341abbcb32\" style=\"\" rel=\"noopener\">New regulations<\/a> stipulate that digital banks need at least EGP 2 bn in capital to receive a license, and EGP 4 bn to be able to finance large companies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DEBT-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EBRD money for new cities: <\/strong>The European Bank for Reconstruction and Development (EBRD) is investing EGP 927 mn (c. EUR 27 mn) in a securitized local currency bond issued by the New Urban Communities Authority\u2019s (NUCA) special purpose vehicle, Al Taamir Securitization, the <a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/news\/2023\/ebrd-supports-egypts-water-sector-with-nuca.html\" style=\"\" rel=\"noopener\">lender\u2019s website<\/a> said. The funds will support the development and sustainable management of water and power infrastructure projects in the new cities administered by NUCA, as well as helping the authority prepare for a potential green bond issuance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Part of last year\u2019s blockbuster securitization: <\/strong>The investment is part of an EGP 20 bn <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e4b248f-60d6-4930-9a92-c2a6aeddb6dd\" style=\"\" rel=\"noopener\">securitized bond issuance<\/a> from Al Taamir to finance the development of new urban areas including the new capital and New Alamein. Al Taamir closed the issuance in September 2022, making it the market\u2019s largest securitization to date.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government is offloading its entire stake in Al Ezz Dekheila<\/p>\n","protected":false},"author":1,"featured_media":592436,"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":[7209],"tags":[111,204,576,7106,571,68,2500,72,589,183,7314,879,85,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-592435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-banking","tag-banque-misr","tag-debt","tag-ebrd","tag-egx","tag-el-taamir-securitization","tag-enterpriseam","tag-ezz-steel","tag-fintech","tag-misr-digital-innovation","tag-new-urban-communities-authority","tag-securitization","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"e014590b-db6a-482f-a04a-3a899f12eaef","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/218.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Al Ezz Dekheila Steel greenlights share buyback, EGX delisting. PLUS: Egypt\u2019s first digital bank to launch in 1Q 2024 + EBRD buys EGP 930 mn of NUCA bonds","related_issue":[592412],"teaser":"The government is offloading its entire stake in Al Ezz Dekheila","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.a4902d8a-a771-40a0-be1d-7f16e735997a.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Al Ezz Dekheila Steel greenlights share buyback, EGX delisting - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/al-ezz-dekheila-steel-greenlights-share-buyback-egx-delisting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Al Ezz Dekheila Steel greenlights share buyback, EGX delisting\" \/>\n<meta property=\"og:description\" content=\"The government is offloading its entire stake in Al Ezz Dekheila\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/al-ezz-dekheila-steel-greenlights-share-buyback-egx-delisting\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-06T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/218.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/al-ezz-dekheila-steel-greenlights-share-buyback-egx-delisting\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/al-ezz-dekheila-steel-greenlights-share-buyback-egx-delisting\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Al Ezz Dekheila Steel greenlights share buyback, EGX delisting\",\"datePublished\":\"2023-08-06T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/al-ezz-dekheila-steel-greenlights-share-buyback-egx-delisting\/\"},\"wordCount\":391,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/al-ezz-dekheila-steel-greenlights-share-buyback-egx-delisting\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/218.jpg?fit=%2C&ssl=1\",\"keywords\":[\"ALSO ON OUR RADAR\",\"banking\",\"Banque Misr\",\"debt\",\"EBRD\",\"EGX\",\"El Taamir Securitization\",\"EnterpriseAM\",\"Ezz Steel\",\"Fintech\",\"Misr Digital Innovation\",\"New Urban Communities Authority\",\"securitization\",\"state privatization program\"],\"articleSection\":[\"Also on our Radar\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/al-ezz-dekheila-steel-greenlights-share-buyback-egx-delisting\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/al-ezz-dekheila-steel-greenlights-share-buyback-egx-delisting\/\",\"name\":\"Al Ezz Dekheila Steel greenlights share buyback, EGX delisting - 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