Egypt: Bisco Misr to Voluntarily Delist From Egypt's Stock Exchange

Egypt's Bisco Misr will voluntarily delist from Egypt's stock exchange, the company's shareholders agreed on Monday, after American Kellogg's acquired 85.9 percent of the company's shares.

The company held an extraordinary general assembly late Monday, where the shareholders agreed to delist, confirming a decision taken by Bisco Misr's board of directors last month, the company said in a statement.

The board of directors had agreed that the delisting will take place within six months from implementing the tender offer.

The shareholders also agreed that the company would buy the shares of those who disapprove of the decision to voluntarily delist and those who will be harmed by the decision, as per the rules of listing and delisting.

The shares of those against the delisting will be sold at the price of 89.86 Egyptian pounds per share, Bisco Misr said in its statement.

Upon delisting, trading of the company's stocks will be done over the counter.