Elsewedy Electric announced another round of buyback for 1.4mn shares at 62.5/share to utilise its excess EGP cash. The OPR will take place from 19 to 25 October 2016. The company bought back 3.6mn share this week at the same price with 3.4x subscription ratio (implying c29% allocation). The second round of buyback will take treasury shares to 5mn shares or 2.2% of company's total shares. Management confirmed that the buyback would not affect the KPIs for 2016. (Company disclosures)   Elsewedy Electric: EGP61.20 as of 19 October 2016, Rating: Buy, FV: EGP57.30 per share, MCap: USD1,540mn, SWDY EY / SWDY.CA