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Samcrete to delist voluntarily from the Egyptian Stock Exchange late this year

Tuesday 24 July 2018 07:32 PM

Samcrete Misr
Samcrete Misr

By Asmaa El-Sayed
Samcrete Egypt - Engineers & Contractors is set to remove its securities from the Egyptian Stock Exchange late this year upon fulfilling  a number of requirements, but going public again is still on the radar of the company upon compliance with listing requirements.
Samcrete Egypt - Engineers & Contractors was divided into the four entities of Samcrete Engineers & Contractors, Samcrete Building Systems, Samcrete Real Estate Development and Aldo Heights for Tourist Projects.
" Samcrete is trying to meet a number of requirements as regards purchasing stakes of junior shakeholders who are complaining about dividing the company into four entities," said manager of Investors Relations at Samcrete Samah Waheeb.
Samcrete decided to voluntarily delist from the Egyptian Stock Exchange owing to tough measures imposed on the companies, notably the lately-issued decision  upping stocks put out for sale to 25%, he explained.
Financial Supervisory Authority passed a number of modifications as regards registering and cancelling securities such as increasing shares of the companies to 25% of total stocks or to 0.04% of free floating capital without going below a minimum of 10% of total capital.
The two companies of Samcrete Engineers & Contractors and Samcrete Real Estate Development may go public again upon aligning themselves with registration rules, he continued.
Samcrete Egypt Engineers & Contractors,  listed on the Egyptian Stock Exchange, operates in diverse areas including real estate investment and development, manufacturing steel rebar, building systems and contracting which covers the areas of managing roads, utilities, civil works and construction.
The company is charged with developing 3mln sqm in the 7th of October City's Industrial Zone.
The company managed to net EGP18mln in profits during the first quarter of last year up from EGP622,000 a year earlier.