Arab Finance: Ezz Steel (ESRS) has secured a loan from Emirates NBD to finance the delisting process from the Egyptian Exchange (EGX), sources informed Al Borsa News.

Expected to be implemented within the next three months, the transaction will be financed through the proceeds of loans and part of the company’s available cash liquidity.

On December 8^th, Ezz Steel announced that its board of directors decided to voluntarily delist its shares from the EGX and purchase the shares of those wishing to do so at a maximum price of EGP 120 per share.

The company highlighted that the board has the right not to continue with the delisting procedures before presenting them to the extraordinary general meeting (EGM).

In the first half (H1) of 2024, the net profits attributable to the parent of Ezz Steel reached EGP 1.563 billion.

Ezz Steel, an Egypt-based manufacturer and trader of steel and related products, is one of the fastest-growing and technologically advanced steel producers worldwide.

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