RYMCO delists from BSE
citing crisis and trading volume
Car agent went public 24 years ago
Rasamny-Younis Motor Co. (RYMCO) said it has decided to delist its shares from the Beirut Stock Exchange (BSE) due to low trading volumes, the economic and financial crises, and the monetary collapse.
BSE said that RYMCO's shares will be delisted on July 1, 2022.
The car importer and distributor, which has 27.3 million outstanding shares, said trading in its shares will remain free among existing shareholders and others in accordance with applicable laws. Its delisted shares are classified into three categories. Class ‘A’ shares, representing 51 percent of total shares, could be owned only by Lebanese natural and legal persons. Class ‘B’ and class ‘C’ shares, accounting for 40 percent and nine percent of the total, could be owned by any person regardless of their nationality.
The last trading day for the RYMCO shares was on November 29, 2021. Just 89,200 shares changed hands. Its share closed 9.7 percent higher at $3.5 compared with the previous trading day which was around two months earlier.
RYMCO went public in 1998 after 41 years of being a privately owned company. It was the only car agent listed on BSE.
The cars distributed by RYMCO include Infiniti, Nissan, GMC, Lada, and Chery. Its portfolio also includes UD trucks in addition to Kawasaki and Peugeot scooters.
Date Posted: May 18, 2022