The Clap
Nile City Investments (NCIN) started procedures for the mandatory delisting from the EGX scheduled by the end of April 2022, ending 21 years of being a public company.
Backstory
Last December, the EGX notified Nile City Investment of the mandatory delisting, due to the shareholders’ failure to agree on extending the company’s legal life, which is due to expire in October 2022.
The deets
The EGX activated Order Protection Rule (OPR), to submit bids and asks for orders at a fair value of EGP 776.3/share.
What if I have (NCIN) shares
In the case of compulsory delisting, the company is obligated to buy shares from shareholders willing to sell, & the shares are purchased at a price not lower than the fair value.
Shareholders should submit their sell orders between April 20, 2022 until April 28, 2022.
More on Nile City Investment
Nile City manages & develops real estate. It was listed on the EGX in 2001 with paid-in capital of EGP 725 million.
