Delisting, OTC Trading Facility and Purchase Order

EZZ Steel Company - S.A.E.

Cairo, 19 March 2025 - Ezz Steel (EGX: ESRS; London Stock Exchange: AEZD), an Egyptian joint stock company (the "Company"), hereby announces that the Egyptian Stock Exchange (EGX) has implemented the delisting of the Company shares (the Share Delisting) from trading on the primary market of the EGX with effect from 13 March 2025.

As such, the Board of Directors of the Company has resolved to establish an "over the counter" (OTC) trading facility in respect of the Company's outstanding shares (the OTC Trading Facility) using the EGX's electronic system and platform. The OTC Trading Facility is effective from 16 March 2025 for an initial period of three months, following which the Board of Directors will evaluate whether to renew its operation for an additional period. Trading of the Company's shares under the OTC Trading Facility will be activated from 12 noon to 12.30 pm Cairo time (or 11.30 am to 12.00 noon during Ramadan) on each Monday and Wednesday during its operation.

In connection with the establishment of the OTC Trading Facility, the Board of Directors has also resolved to place a "buy" order in respect of the Company's shares (the Purchase Order) through its broker, EFG Securities Brokerage, and maintain the Purchase Order for the initial three month period during which the OTC Trading Facility will be in operation (and the subsequent renewal of the Purchase Order will then be evaluated on the same basis as the OTC Trading Facility). Pursuant to the Purchase Order, the Company will offer to acquire its shares using the OTC Trading Facility for the same price as that offered to shareholders in the Share Buyback Offer announced by the Company on 20 January 2025, being EGP 138.15 per share. The Company believes that this will enable shareholders who did not participate in the Share Buyback Offer the opportunity to sell their shares back to the Company on the same terms.

GDR holders

The Share Delisting does not affect the listing of the GDRs on the Official List of the Financial Conduct Authority and their admission to trading on the Main Market of the London Stock Exchange in the period up to the proposed voluntary delisting of the GDRs from the Official List and to trading on the Main Market of the London Stock Exchange (the GDR Delisting) which, as announced by the Company on 12 March 2025, is expected to become effective on or around 10 April 2025. 

In the interim period up to the date of the GDR Delisting, GDR holders may continue to trade the GDRs on the London Stock Exchange. GDR holders will not be able to sell their GDRs to the Company pursuant to the Purchase Order or under the OTC Trading Facility directly. However, GDR holders may alternatively seek to realise value by requesting withdrawal of the shares underlying their GDRs from the Depositary (as defined in the (Instructions to GDR holders) in the announcement of the Company released on 29 January 2025 (Proposed Voluntary Delisting and Share Buyback Offer), https://www.londonstockexchange.com/news-article/AEZD/instructions-to-gdr-holders/16874824 ) and, to the extent that it is possible to transfer the withdrawn shares to the GDR holders in sufficient time before the expiration of the OTC Trading Facility, such former GDR holders may then offer for sale their shares to the Company pursuant to the Purchase Order under the OTC Trading Facility.

For further details of how to cancel their GDRs and procure the transfer by the Depositary of their underlying shares in time to enable such shares to be sold to the Company pursuant to the Purchase Order under the OTC Trading Facility, GDR holders should refer to the detailed instructions provided to GDR holders as set out in the Company's announcement (Proposed Voluntary Delisting and Share Buyback Offer) dated 29 January 2025, and note, among other things, the requisite time periods, costs for cancellation of the GDRs and receipt of shares, "know your client" procedures and the requirements around appointment of local brokers as set out therein.

Questions and requests for assistance can be directed to:

Ahmed Nabil, Investor Relations

[email protected]+201001777703

Investors Relations