{"id":620195,"date":"2024-05-16T00:00:00","date_gmt":"2024-05-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/this-evening-idh-to-delist-from-egypts-stock-exchange\/"},"modified":"2024-05-16T00:00:00","modified_gmt":"2024-05-16T00:00:00","slug":"this-evening-idh-to-delist-from-egypts-stock-exchange","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/this-evening-idh-to-delist-from-egypts-stock-exchange\/","title":{"rendered":"THIS EVENING: IDH to delist from Egypt\u2019s stock exchange?"},"content":{"rendered":"

Good afternoon, folks and happy Thursday. <\/strong>The weekend is finally here and temperature has shot up, bidding us to stay in the shade and in the vicinity of our air conditioners. <\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

Integrated Diagnostics Holdings (IDH) could soon delist its shares from the <\/strong>Egyptian Stock Exchange (EGX) <\/strong>due to \u201climited trading activity\u201d, the consumer healthcare giant said in its disclosure to the<\/a>EGX today (pdf)<\/a>. All listed shares will be transferred to their primary market on London stock exchange (LSE) if the general assembly approves the voluntary delisting, the company\u2019s board said in the disclosure.<\/p>\n

What\u2019s next? <\/strong>The company will announce later a timetable of the delisting procedures, which include the date of extraordinary general assembly meeting to vote on the move, and dates of the proposed delisting.<\/p>\n

Objecting shareholders can then sell their shares back to the company at the highest price of the following: <\/strong>(a) The highest closing share price on EGX during last month, (b) the highest close share price on LSE during last month, (c) the average closing price on EGX in the past three month, or (d) the average closing price on LSE in the past three month based on the average exchange rate in EGP during this period.<\/p>\n

Remember: <\/strong>The Cairo-based company had the first technical listing of its kind on the Egyptian stock market in May 2021<\/a> when it transferred 5% of its shares from LSE to EGX after having a blockbuster debut in London back in 2015.<\/p>\n

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THE BIG STORY ABROAD<\/strong><\/p>\n

Meta is facing a huge fine as it battles an investigation by the EU.<\/strong> The European Commission is investigating Meta platforms Facebook and Instagram for child safety risks, believing that the company may be responsible for \u201cbehavioral addictions in children,\u201d which run the risk of more serious \u201crabbit-hole\u201d effects. While Meta insists that extensively researched tools and policies have been in use to protect children for over a decade, the Commission\u2019s decision to investigate was based on a 2023 risk assessment report conducted by Meta. Under the Commission\u2019s Digital Services Act, Meta could be facing a fine of up to 6% of their global annual revenues, which would come out to USD 8.4 bn. (CNBC<\/a> | Reuters<\/a>)<\/p>\n

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