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Bisco Misr begins steps for stock delisting

Bisco Misr begins steps for stock delisting
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BiscoMisr
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Cairo – Mubasher: Egypt’s snack maker Bisco Misr said Wednesday that its board called for an extraordinary general meeting (EGM) to look into delisting from the Egyptian bourse.

The company’s articles of incorporation will be amended accordingly.

The EGM, whose date will be set later, will also discuss buying equities owned by shareholders hurt by the delisting move.

The board hired Pharos Promotion and Underwriting as independent financial advisor, to set the price for shares owned by those hurt by the delisting, including mortgage creditors.

In January, US firm Kellogg announced it had successfully acquired a major stake in the snack maker, amounting to 85.93% of total shares or 9.88 million shares at EGP 888 million ($124.2 million).

Bisco Misr posted EGP 5.2 million in net profits for the first quarter of 2015, down from EGP 15 million in the same period a year earlier.