Orascom Development Holding (ODH) is not subject to the recently enacted Swiss Takeover Law, Invest-gate reports.
According to ODH statement, the Swiss Takeover Law would not apply on the ODH’s voluntary delisting of all its Egyptian Depository Receipts (EDR) on the Egyptian Exchange (EGX).
Any investor who gains more than one-third of the voting rights in a company must offer to buy out from the remaining shareholders, at the same price or better. However, a company can opt out of this law if its shareholders vote to amend its articles of association, according to the Swiss Takeover Law.
In response to the requests of relevant authorities in Egypt, the board of directors agreed to approve the proposal of the EDRs voluntary delisting at its general meeting, which is to be determined soon.
In December 2016, ODH’s Board of Directors approved the voluntary delisting of all Egyptian Depositary Receipts (EDRs) from the EGX and taking all necessary actions before all governmental and non-governmental authorities in Egypt and in Switzerland. Following that, the company filed a request for ruling with the Swiss Takeover Board (TOB), requesting others find whether the delisting of the EDRs is subject to Swiss takeover law or not.