Elsewedy Electric OPR closes for buyback of 1.4mn shares at EGP62.5/share
Elsewedy Electric OPR closed Tuesday with orders received totaling 13.6mn shares (9.7x subscription). The OPR took place between 19 - 25 October 2016 for buying back 1.4mn shares at EGP62.5/share; this will take treasury shares to 5mn shares or 2.2% of the company's total shares. The company had bought back 3.6mn share last week at the same price with 3.4x subscription ratio. Management confirmed that the buyback would not affect the KPIs for 2016. (EGX and company disclosures) Elsewedy Electric: EGP61.57 as of 25 October 2016, Rating: Buy, FV: EGP57.30 per share, MCap: USD1,549mn, SWDY EY / SWDY.CA
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