Telecom Egypt mulls buying Treasury Stocks after Share Price fall

Telecom Egypt is studying buying treasury stocks after its share price plunged below nominal value, the country’s fixed line monopoly said in a statement on Wednesday.

The company’s board will meet today to study the proposal submitted by its executive management, it added.

Earlier this month, Morgan Stanley, one of the largest financial institutions in the world, announced it will remove Telecom Egypt from its basket of emerging market indices as of May 29, 2015.

This comes in spite of the positive results revealed this morning by Telecom Egypt, the biggest fixed-line telephone company in the country, for the first quarter business results. The Egyptian company revealed a 10 percent raise in its first-quarter consolidated profits to 605.5 million Egyptian pounds (US$79 million), from 550 million pounds for the same period a year earlier.