Sigma Capital

12-09-2024

Notify Arabian Rocks Plastic Industries (ARPI.CA) to go Through the Procedures of the Mandatory Delisting (SMEs' Market)

Source: EGX

• The Listing Committee held on 11/09/2024 has approved to notify "Arabian Rocks Plastic Industries" to go through the procedures of the mandatory delisting of its shares from the Egyptian Exchange, based on its listed and issued capital amounted to EGP 20 million distributed over 100 million shares, with par value of EGP 0.20 per share, represented in three issuances from the Egyptian securities listing schedule "Shares" (Small and Medium Enterprises Market), in accordance with the provisions of item (7) of Article (53) of the Listing Rules and Article (73) of its procedures executive, due to the company’s violation of the provisions of Articles (43 bis), (44) and (45), in light of the statement issued by the FRA published on 27/08/2024, as well as the companys violation of item (6) of Article (9) of the Listing Rules.
• The company shall be committed to buy its free-float shares owned by its shareholders wishing to sell or to ensure that others buy these shares - provided that the purchase is carried out within three months at most from the date of notifying the company of the committees decision. The shares are purchased at a price not less than the fair value determined by an independent financial advisor from those registered with the Authority appointed by the company for this purpose. Mortgage creditors also have the right to sell their mortgaged shares as security for a debt owed by any of the shareholders at the same price, in accordance with the provisions of Article (53) of EGX Listing and De-listing Rules, provided that the company is obligated to provide the Egyptian Exchange with the payment of the fees of the Investor Protection Fund against Non-Commercial Risks.
• The Final de-listing of the companys shares from the EGX schedules shall be presented to the Listing Committee after being notified by the EGX operations Sector of the implementation of the companys purchase of all shares offered for sale by shareholders and other mortgaged creditors or the expiry of the three months period at most from the date of notifying the company of the committees decision to proceed with the delisting procedures.
• Notifying the FRA by the listing committee decision and also that the company hasn’t payed the Investor Protection Fund fees to take the necessary actions towards the company.