CAIRO: Shareholders of Bisco Misr, Egypt’s cake and biscuit maker, agreed in a Monday extraordinary general meeting (EGM) on voluntary delisting from the Egyptian Exchange (EGX,) it said in a bourse statement.
This approval thus affirms a proposal approved by the company’s board of directors approved earlier in May.
In January, American Kellogg acquired a majority stake (85.93 percent of Bisco Misr shares) for 89.86 EGP ($12) per share.
“The EGM also agreed that the company would purchase of the stocks of shareholders rejecting the delisting, including creditors pledgees, or those hurt by the delisting action at 89.86 EGP per share,” Bisco Misr said in the statement.
The price is nearly 14.68 EGP up from 75.18 EGP determined by Pharos Promotion and Underwriting appointed by the board as independent financial advisor.
Further, Bisco Misr’s incorporation articles number 7, 21 and 26 will be amended accordingly, it added.
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.