Porto Group’s board decides to buy back up to 125 million shares at a premium to market price; Amer follows suit
The Board of Directors (BoD) of Porto Group has decided to buy back up to 125 million shares, at EGP0.38/share (23% above yesterday’s closing price of 0.31/share). This represents c2.7% of the total outstanding shares. The BoD of Amer Group has also decided to buy-back up to 125 million of Amer Group’s shares, at EGP0.43/share (22% above yesterday’s closing price of EGP0.35/share), which represents a similar c2.7% of the company’s outstanding shares. The decisions were made during the two company’s board meetings, held yesterday, 18 January. Two OPR screens will open today, 19 January, and close tomorrow 20 January. (EGX)
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