Americana Egypt moves forward with EGX delisting afterAdeptio purchase

Americana Egypt has submitted a request to the EGX to delist 400 mn shares from the exchange at a nominal value of EGP 1 per share following their purchase by Adeptio, the EGX said yesterday.

Americana Egypt is transferring ownership to the Emirati outfit, which last month purchased the remaining 9.6 percentof the company for 6.32 Egyptian pounds per share in a mandatory tender offer.

Americana Egypt’s board of directors earlier this month approved delisting the company’s shares from the bourse after its minority shareholders approved Adeptio’s offer price in July.

By delisting, the company will take the shares off the main market before transferring them to Adeptio through its subsidiary and Americana Egypt’s parent company, Americana.