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Thursday, 20 October 2022

Edita to buy back another 3.8% of shares over 3 months

Edita’s board of directors has approved plans to buy back 3.8% of its shares as the company looks to support its share price, it said in disclosures to the EGX (pdf and pdf) yesterday. The company will repurchase 28 mn shares over the next three months, taking its buyback program to 4.8%, having already repurchased 1% of its shares during August and September. The company did not disclose how much it plans to spend on the repurchases.

The buybacks seem to be doing the trick: Since announcing the program at the beginning of August, Edita’s share price has rebounded almost 20% to reach highs not seen since 2020. Shares fell 1.0% to EGP 9.62 during today’s trading session.

The EGX30 rose 1.2% at today’s close on turnover of EGP 1.18 bn (14.7% above the 90-day average). Foreign investors were net sellers. The index is down 14.0% YTD.

In the green: Fawry (+5.6%), Ezz Steel (+4.4%) and e-Finance (+3.5%).

In the red: Telecom Egypt (-1.5%), QNB-Alahly (-1.4%) and Talaat Moustafa Holding (-0.5%).

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