Bisco Misr's board of directors agrees to voluntarily delist from Egypt's stock exchange

Wednesday 27-05-2015 12:13 PM
Bisco Misr's board of directors agrees to voluntarily delist from Egypt's stock exchange

Established in 1957, the originally state-owned Bisco Misr is one of the country main providers of baked goods and confectionery. Photo from Bisco Misr Facebook page

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CAIRO, May 27 (Aswat Masriya) - The board of directors of Egypt's Bisco Misr have agreed on voluntarily delisting from the state's stock exchange, after American Kellogg acquired 85.9 percent of the company's shares.

Bisco Misr said in a statement to Egypt's stock market on Wednesday that its board of directors met on Tuesday and agreed that the delisting will take place within six months from implementing the tender offer. 

The shareholders of the company are yet to meet and agree on the voluntary delisting from the stock exchange.

Should the shareholders approve the delisting, trading of the company's stocks will be done over the counter, the company said in its statement.

Established in 1957, the originally state-owned Bisco Misr is one of the country's main providers of baked goods and confectionery. It owns over 20 production lines for its three baking factories in Cairo and Alexandria.

The company's shareholders had agreed in January to sell a controlling stake to Kellogg, which won a bidding battle against Emirati private equity firm Abraaj in a deal worth 888 million Egyptian pounds.

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