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EGX approves Alexandria Portland Cement’s voluntary delisting procedures

EGX approves Alexandria Portland Cement’s voluntary delisting procedures
Trading on the company’s shares will be halted as of 12 August
Alexandria Cement
ALEX
-4.76% 6.00 -0.30

Cairo – Mubasher:  The Egyptian Exchange’s (EGX) listing committee approved a request submitted by Alexandria Portland Cement to begin procedures to delist its shares from the bourse.

The cement producer is seeking to delist its 458.02 million shares valued at EGP 6.3 apiece after buying shares of those who object to the voluntary delisting, according to a bourse statement on Tuesday.

Trading on the company’s shares will be halted as of Wednesday, 12 August. Shares will be purchased at EGP 6 a share based on the mandatory tender offering (MTO) executed on 20 May.

During the first half (H1) of 2020, Alexandria Portland Cement incurred net losses of EGP 212.75 million, up from EGP 168.99 million in H1-19.