Cairo – Mubasher: The Board of Directors of Egypt Intercontinental for Granite and Marble Manufacturing (EGYSTONE) decided to proceed with the procedures for the voluntary delisting of the company's shares from the Egyptian Exchange (EGX) listing schedule.
According to the company's disclosure to the Egyptian Exchange today, its Board of Directors approved the fair value report of the company's shares prepared by "Arab Assets Investment and Financial Consulting (OIB)", which concluded by determining the fair value per share at EGP 9.06, to be submitted to the General Assembly for ratification.
It was also decided to submit a proposal to the Extraordinary General Assembly regarding proceeding with the voluntary delisting procedures from the listing schedule and delisting the securities on the Egyptian Exchange, in accordance with the provisions of Article (55) of the Listing Rules.
The proposal includes purchasing the shares of the shareholders objecting to the delisting decision, as well as the shares of the shareholders who express their desire not to continue in the company after the delisting of its shares, in accordance with the fair value determined by the independent financial advisor.
In this context, the Board approved that shareholder Hassan Salama shall finance the voluntary delisting process and provide the necessary funding to purchase the aforementioned shares, so that the ownership of the purchased shares shall be transferred directly to him.
