CAIRO: Bisco Misr, Egypt’s cake and biscuit maker announced Wednesday that its board has agreed on voluntary delisting from the Egyptian Exchange (EGX,) and called for an extraordinary general meeting (EGM) to consider the proposal.
In January, American Kellogg acquired a majority stake (85.93 percent of Bisco Misr shares) for 89.86 EGP ($12) per share
The EGM would also look into the purchase of the stocks from shareholdres rejecting the delisting, including creditors pledgees, Bisco Misr said in a statement to the EGX.
Bisco Misr’s articles of incorporation will be amended accordingly, it added.
The board appointed Pharos Promotion and Underwriting as independent financial advisor, to detremine the price for shares owned by those hurt by the delisting action.
Bisco Misr posted 5.2 million EGP in net profits for the first quarter of 2015, down from 15 million EGP in the same period last year.