REG - EZZ Steel Company - Intended delisting of GDRs

Ezz Steel Co SAEAnnouncement

12/03/2025 07:00

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RNS Number : 2390A  EZZ Steel Company - S.A.E.  12 March 2025

 

EZZ Steel Company - S.A.E.

 

Cairo, 12 March 2025 - Ezz Steel (EGX: ESRS; London Stock Exchange: AEZD), an
Egyptian joint stock company (the "Company"), hereby announces that it intends
to cancel the London Stock Exchange ("LSE") listing of its Global Depositary
Receipts ("GDRs") on or around 10 April 2025. The Company has also proceeded
with the procedures for cancelling the Egyptian Stock Exchange ("EGX") listing
of its shares.

Cancellation of Listing

In accordance with UK Listing Rule 21.2.17, the Company hereby gives notice of
its intention to cancel the listing of its GDRs on the certificates
representing certain securities (depository receipts) category of the Official
List of the FCA and the admission to trading of the GDRs on the LSE's Main
Market for listed securities. Under UK Listing Rule 21.2.17, the Company is
required to give at least twenty business days' notice of the intended
cancellation of listing and trading of its GDRs. Accordingly, such
cancellation is expected to occur on 10 April 2025.

Background and Reasons for Cancellation

As announced in its Instruction to GDR Holders on 29 January 2025, the Board
of Directors has decided to proceed with the cancellation of trading of the
GDRs on the LSE, considering it to be in the best interests of the Company and
its shareholders. The trading volume of the GDRs on the LSE has been
consistently low, offering limited opportunities for investors to trade in
meaningful quantities or with regular frequency. Additionally, maintaining the
GDR listing imposes significant regulatory and administrative burdens on the
Company, alongside substantial associated costs. After careful evaluation, the
Board believes that delisting is a more cost-effective and beneficial course
of action for shareholders.

Following the delisting, as referred to in the announcement of 29 January
2025, any GDRs not cancelled will remain outstanding but will no longer be
listed on any stock exchange.

Questions and requests for assistance can be directed to:

Ahmed Nabil, Investor Relations

anabil@ezzsteel.com (mailto:anabil@ezzsteel.com)

+201001777703

 

Investors Relations

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