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Ahram Online , Sunday 6 Aug 2023
Al Ezz Dekheila Steel Alexandria, Egypt’s biggest steel manufacturer, is seeking syndicated loans in foreign currency to finance the purchase of shares from shareholders unwilling to remain with the company after the delisting from the Egyptian Exchange (EGX), according to a bourse filing on Sunday.
Al Ezz Dekheila Steel Alexandria factory. Company s website.
The decision was approved by the company’s extraordinary general assembly, which also approved the voluntary delisting announced on 11 July.
Al Ezz Dekheila said that the purchasing of its shares will be financed partially from the company’s own resources.
The company announced that it would compensate shareholders who opt out of holding their shares by offering EGP 1,250 per share.
A syndicated loan is a form of loan in which two or more lenders jointly provide loans for one or more borrowers on the same loan terms and with different duties and sign the same loan agreement.
Al Ezz Dekheila has a total value of EGP 1.95 billion, calculated from its 19.5 million listed shares.
In July, the Egyptian government announced selling a 31 percent stake in Al Ezz Dekheila Steel for $241 million, out of the 36.4 percent held by different state-owned entities.
According to the company’s website, Ezz Steel Company holds 64 percent of total shares, while 36 percent are free-floated on the EGX.
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