American Egypt to voluntary delist from EGX

EGX listing committee will review the request of voluntary delisting

  
The Egyptian Exchange bell is seen at the stock exchange in Cairo, April 28, 2015. Image used for illustrative purpose

The Egyptian Exchange bell is seen at the stock exchange in Cairo, April 28, 2015. Image used for illustrative purpose

REUTERS/Mohamed Abd El Ghany
ArabFinance: The Egyptian Exchange (EGX) announced on September 1st that Egyptian International Tourism Projects (Americana Egypt) requested to write off its listed 400 million shares from the EGX database.

EGX listing committee will review the request of voluntary delisting, in addition, the company will buy back its shares from affected shareholders from the delisting, EGX said.

Americana Egypt reported a consolidated net loss at EGP 190,502,320 in the first half (H1) of 2020, a 13,391% decline from EGP 1,412,061 incurred in H1 2019.

Standalone net loss reached EGP 164,480,939 in H1, against a net profit of EGP 16,823,757 posted in H1 of 2019.

Americana Egypt, a member of Kuwait's Americana Group, is an Egypt-based shareholding company primarily engaged, together with its subsidiaries, in providing ready-made meals and refreshments within the fast-food sector.

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