Cairo – Mubasher: The board of directors of Nile Cotton Ginning approved the voluntary delisting of the company’s shares from the Egyptian Exchange (EGX).

The board also approved the purchase of the shares owned by shareholders who are against the voluntary delisting for EGP 50 per share, the same price in the mandatory tender offering (MTO) submitted by IMEX International, according to a bourse disclosure on Wednesday.

IMEX International has acquired 93.9% of the company’s issued capital, totalling 49.76 million shares.

During the first quarter (Q1) of fiscal year 2020/2021, Nile Cotton Ginning turned to net losses of EGP 3.23 million, against net profits of EGP 467,172 in the year-ago period.