EFG-Hermes Nearing LE 425 M Treasury Stock Disposal; Preparing 2nd Buyback Stage

The Board of Directors of Egypt’s biggest investment EFG Hermes (HRHO) is currently looking out for the company’s stock price in the stock exchange to pick the right time and price to initiate the second tranche of the treasury stock repurchase program worth LE 575 million, according to sources.

The sources added that the company is in the process of retiring treasury stocks, which was bought in the first stage worth LE 425 million, in preparation for the second stage of treasury stock repurchase in the next 2 months, provided that it achieves the interests of shareholders over the long term.

EFG Hermes is Egypt’s biggest investment bank by market capitalization, with operations in Egypt, Saudi Arabia, the United Arab Emirates, Kuwait, Jordan, Lebanon, Oman and Qatar.

Source: AlBorsa newspaper & Arab Finance