Cairo – Mubasher: The Board of Directors of Misr Intercontinental for Granite and Marble Industry (Egypt Stone) approved the fair value report of the share prepared by Arab Assets for Investment and Financial Consulting (ofb).
The company stated in a release today that the report concluded by determining the fair value per share at EGP 9.06 to be submitted to the General Assembly for ratification.
The Board unanimously resolved to approve submitting a proposal to the Extraordinary General Assembly regarding proceeding with the voluntary delisting procedures from the Egyptian Exchange (EGX) listing schedules, in accordance with the provisions of Article 55 of the Listing and Delisting Rules of Securities.
The company pointed out that the proposal includes purchasing the shares of the shareholders objecting to the voluntary delisting resolution, 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 of the share determined by the independent financial advisor.
The Board also approved that shareholder Hassan Salama shall finance the voluntary delisting process and provide the necessary funding to purchase the aforementioned shares, provided that the ownership of the shares purchased within the framework of executing the transaction shall be transferred directly to him.
The Board adopted the disclosure report in accordance with Article 55, along with approving the convocation of the Extraordinary General Assembly and authorizing the Chairman of the Board to determine the date, venue, and agenda of the meeting, following the approval of the report by the Financial Regulatory Authority (FRA) and its publication on the trading screen of the exchange.
