Steel Factory in Egypt. (Ahram Gate)
The company has a total value of EGP 1.95 billion, calculated from its 19.5 million listed shares with a nominal value of EGP 100 per share.
"The delisting of Al Ezz Dekheila Steel shares came in the context of Egypt's privatization programme to allow for offering stakes to investors," Trader Manager at Universal Brokerage Mohamed Atta told Ahram Online.
"The delisting decision has nothing to do with the slowdown in the Egyptian steel market or the loss incurred by the parent company Ezz Steel," Atta added.
Ezz Steel suffered EGP 1.66 billion in consolidated losses during Q1, in contrast to a profit of EGP 758.85 million in the corresponding period of the previous year.
Ezz Steel holds a 54.59 percent stake in the delisted company, with the Egyptian government owning almost 36.4 percent.
Al Ezz Dekheila Steel Alexandria will compensate shareholders who opt out of holding their shares after delisting by offering EGP 1,250 per share.
Al Ezz Dekheila Steel Alexandria's website states its annual steel production capacity is 3.2 million tons.
Egypt was Africa's top steel producer and the second-largest in the Middle East and North Africa region in 2022, manufacturing 9.8 million tons of steel.