Elsewedy Electric OPR closed Monday with a 3.4x subscription ratio (implying c29% allocation). The BoD had approved last week a buyback of 3.6mn shares (1.6% of total shares) at EGP62.5 per share to utilise the excess EGP cash, with OPR taking place between 11 - 17 October 2016. Management confirmed this should not affect its KPIs for 2016, including DPS guidance of around EGP3 (flat Y-o-Y). The company has not yet decided if/when it would cancel the treasury shares, noting that treasury shares owned for over a year have to be cancelled, according to Egyptian regulations. (EGX disclosure, Wafaa Baddour)   Elsewedy Electric: EGP60.35 as of 17 October 2016, Rating: Buy, FV: EGP57.30 per share, MCap: USD1,518mn, SWDY EY / SWDY.CA