Egyptian Starch and Glucose Company (ESGC) will write off its shares from the Egyptian Exchange (EGX) and buy back the shares from shareholders who dissented to the delisting, according to the company’s disclosure filed to the EGX.
Earlier, the company approved the fair value of its share at EGP 9.63 per each prepared by Baker Tilly Wahid Abdel Ghaffar.
ESGC suffered a net loss of EGP 3,555,996 ($222,000) in January-September 2020, compared to EGP 8,882,973 ($560,000) incurred in the prior-year period.
In light of Cairo 3A for International Industries Company’s acquisition, ESGC will voluntarily delist from the Egyptian Exchange.
ESGC operates in the food processing industry sector. The company is engaged in the production and distribution of starch, glucose, and related products.
