{"id":548314,"date":"2022-08-03T04:00:11","date_gmt":"2022-08-03T04:00:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/03\/edita-launches-new-share-buyback-program\/"},"modified":"2022-08-03T04:00:11","modified_gmt":"2022-08-03T04:00:11","slug":"edita-launches-new-share-buyback-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/03\/edita-launches-new-share-buyback-program\/","title":{"rendered":"Edita launches new share buyback program"},"content":{"rendered":"

<\/a> Edita announces share buybacks:<\/strong> Edita will buy back 5% of its shares over the next two months in a bid to support its share price, it said in a disclosure (pdf)<\/a> to the bourse yesterday. The EGX-listed snackmaker said it would repurchase 36.2 mn shares, a program that would cost it almost EGP 295 mn at its current share price. Edita shares closed at EGP 8.14 yesterday.<\/p>\n

What they said:<\/strong> Edita stock \u201cis trading at a deep discount to fair value with huge upside potential,\u201d IR director Menna Shams El Din told Enterprise. \u201cWe believe the best investment at the moment is investing in our company \u2026 We are bullish on the Egyptian snack food market, and we are focusing on regional expansion, with Morocco being the first milestone<\/a>,\u201d she added.<\/p>\n

Edita has held up fairly well this year<\/strong> amid a heavy sell-off on the Egyptian stock market. The company\u2019s share price has fallen less than 4% year-to-date, while the benchmark EGX 30 index has fallen 21%.<\/p>\n

REMEMBER- Edita isn\u2019t the only undervalued stock on the EGX right now. <\/strong>Last month the EGX 30 hit its lowest level<\/a> since November 2016, triggered by a sell-off among foreign investors caused by worries over soaring global inflation, rising interest rates and a possible recession in the US.<\/p>\n

Buybacks fuelled by rising profitability:<\/strong> Edita reported record revenues in 1Q 2022, helping the company deliver one of its most profitable opening quarters on record. This follows a strong 2021 for the company, which saw it post a 55% rise in net income EGP 471.9 mn. Edita is expected to report its 2Q earnings in the coming days.<\/p>\n","protected":false},"excerpt":{"rendered":"

Edita announces share buybacks: Edita will buy back 5% of its shares over the next two months in a bid to support its share price, it said in a disclosure (pdf) to the bourse yesterday. The EGX-listed snackmaker said it would repurchase 36.2 mn shares, a program that would cost it almost EGP 295 mn […]<\/p>\n","protected":false},"author":1,"featured_media":548315,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7303],"tags":[102,191,68,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-edita","tag-egx","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"4fba9c8d-942d-43ab-b73d-0ecb00e9df6c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/131.jpg","photo_position":"above","related_issue":[548302],"teaser":"","voice_url":""},"yoast_head":"\nEdita launches new share buyback program - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/03\/edita-launches-new-share-buyback-program\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Edita launches new share buyback program\" \/>\n<meta property=\"og:description\" content=\"Edita announces share buybacks: Edita will buy back 5% of its shares over the next two months in a bid to support its share price, it said in a disclosure (pdf) to the bourse yesterday. 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The company will repurchase 28 mn shares over the next three months, taking its buyback program\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":550341,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/uae-investor-snaps-up-3-of-edita\/","url_meta":{"origin":548314,"position":1},"title":"UAE investor snaps up 3% of Edita","author":"enterpriseam admin","date":"24 October 2022","format":false,"excerpt":"Emirati investment firm Rimco Investments acquired a 3.0% stake in Edita for EGP 192 mn in a transaction Thursday, Bloomberg Asharq reports, citing unnamed market participants. The Dubai-based company reportedly purchased 20 mn shares at EGP 9.60 per share. A representative from Edita declined to comment when asked by Enterprise\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":584061,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/b-investments-approves-healthcare-pharma-investment-with-sfe-plus-more-edita-buybacks-3-month-sugar-export-ban-capricorns-egypt-focus\/","url_meta":{"origin":548314,"position":2},"title":"B Investments approves healthcare, pharma investment with SFE. PLUS: More Edita buybacks, 3-month sugar export ban, Capricorn\u2019s Egypt focus","author":"enterpriseam admin","date":"26 March 2023","format":false,"excerpt":"The SFE wants to raise EGP 1.2 bn for the sub-fund","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/430.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581985,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/28\/edita-plans-to-acquire-100-of-a-mystery-company\/","url_meta":{"origin":548314,"position":3},"title":"Edita plans to acquire 100% of a mystery company","author":"enterpriseam admin","date":"28 February 2023","format":false,"excerpt":"Edita wants 100% of an unnamed local food firm: The board of EGX-listed Edita Food Industries has agreed to submit an offer to acquire 100% of an unnamed, unlisted company in the local food industry, it said in a bourse filing (pdf) yesterday. The statement didn\u2019t put a value on\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/Edita-img-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542574,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/04\/edita-wont-be-acquiring-assets-of-ole-bakeries-manufacturer\/","url_meta":{"origin":548314,"position":4},"title":"Edita won\u2019t be acquiring assets of Ole bakeries manufacturer","author":"enterpriseam admin","date":"4 January 2022","format":false,"excerpt":"Snackfoods giant Edita won\u2019t acquire Egyptian Belgian Company\u2019s assets after talks collapse: Edita Food Industries\u2019 bid to acquire assets belonging to Egyptian Belgian Company has fallen through after the two companies were unable to agree on a valuation. The EGX-listed company had expected to finalize an agreement with the Ole\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/42.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585174,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/11\/what-the-markets-are-doing-on-11-april-2023\/","url_meta":{"origin":548314,"position":5},"title":"What the markets are doing on 11 April, 2023","author":"enterpriseam admin","date":"11 April 2023","format":false,"excerpt":"MARKET NEWS-Rameda Pharma will distribute EGP 127.9 mn worth of bonus shares at EGP 0.5073 per share, according to an EGX disclosure (pdf). The issuance will raise the company\u2019s issued capital to EGP 380 mn and the number of its shares to 1.5 bn. 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