ArabFinance: Modern Waterproofing Group’s (Bitumode) (WATP) board of directors approved, on September 7th, voluntary delisting from the Egyptian Exchange (EGX), according to the company’s statement filed to EGX.

The company stated the reason for delisting resolution is an obligation of Sika Egypt for Construction Chemical SAE under the Mandatory Tender Offer (MTO) that executed on September 6th.

Bitumode is obligated to purchase the shares of dissenting shareholders and affected shareholders from the voluntary delisting for the Same price of MTO submitted by Sika Egypt.

Earlier, Sika announced its intention to acquire Bitumode at a price of EGP 3.79 per share in case of buying less than 95% of the latter's shares, or EGP 3.91 per share in the event of buying more than 95% of total shares.

The listed company is a multinational group of companies that dates back to 1953. It is engaged in manufacturing a wide range of products for the construction industry. The products cover a wide range of high-quality bituminous torch-applied and self-adhesive waterproofing membranes and protection boards.

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