Delta Sugar Co. announced it cancelled a decision, dated August 25 , to delist the company’s stock from the Egyptian Exchange (EGX).
The company cited worries of some major shareholders about the possible impact of the stock delisting on the country’s investment climate.
The Egyptian Exchange (EGX) management decided on Tuesday to resume trading on the stock, after the company sent a statement that it did not receive a decision from the Minister of Supply to stop the company’s stock delisting.
Minister of Supply and Internal Trade Khalid Hanafi had issued a decision to stop Delta Sugar stock delisting, in order to boost investment and maximize profitability.
The company’s board had approved delisting the company’s stock voluntarily from EGX. An extraordinary general meeting will be held to look into the decision.
Financial indicators for the six-month period that ended on June 30, 2014 had shown that net profit declined by 4% to EGP 140.1 million, from EGP 145.7 million in the same period a year earlier.
The company’s H1 sales amounted to EGP 584.2 million, compared with EGP 688.8 million in H1-13.
Q1 net profit had reached EGP 51.6 million, with a fall by 15.3% y/y from EGP 60.9 million.