Elsewedy Electric to buy 3.6mn treasury shares at EGP62.5/share
Elsewedy Electric’s Board of Directors (BoD) approved the buying of 3.6mn treasury shares at EGP62.5 per share to utilise the excess EGP cash and confirmed this would not affect its performance. The transaction will be executed between 11 October 2016 to 17 October 2016. It also announced its independent financial advisor values the company at EGP73.8 per share. (Company disclosure) Elsewedy Electric: EGP59.45 as of 10 October 2016, Rating: Buy, FV: EGP57.30 per share, MCap: USD1,496mn, SWDY EY / SWDY.CA
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