Cairo – Mubasher: Egypt’s snack maker Bisco Misr said shareholders, in an extraordinary general meeting held Monday, gave a nod on delisting the company’s stock from the Egyptian bourse.

The company’s articles of incorporation were amended accordingly.

The EGM also approved 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.