Orascom: delisting in Egypt completed
Orascom Development Holding AG announces that the Egyptian Depositary Receipts of the company have been delisted from the Egyptian Exchange (EGX) as announced.
The Listing Committee of EGX granted the delisting approval on May 24, 2017, subsequently Orascom Development Holding completed the delisting of the Egyptian Depositary Receipts (EDR).
According to the company, the majority of EDR holders exchanged their EDR for ODH shares. 20 EDR were backed by one ODH share. Around 9.9 percent of the total of around 189 million EDR had been tendered to the company for repurchase, at a price of EGP 5.25 (CHF 0.29) per EDR, or CHF 5.79 per ODH share.
ODH shares continue to be listed on the SIX Swiss Exchange.
Orascam had the delisting announced in January of this year. The company previously had a dual listing: a primary listing on the main segment of the SIX Swiss Exchange and a secondary listing on the EGX Egyptian Exchange. According to earlier statements, Orascom expects the delisting in Egypt to increase the diversification and liquidity of the ODH shares listed on the SIX Swiss Exchange.
