{"id":553120,"date":"2022-10-20T13:33:20","date_gmt":"2022-10-20T13:33:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/20\/edita-to-buy-back-another-3-8-of-shares-over-3-months\/"},"modified":"2022-10-20T13:33:20","modified_gmt":"2022-10-20T13:33:20","slug":"edita-to-buy-back-another-3-8-of-shares-over-3-months","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/20\/edita-to-buy-back-another-3-8-of-shares-over-3-months\/","title":{"rendered":"Edita to buy back another 3.8% of shares over 3 months"},"content":{"rendered":"

<\/a> Edita\u2019s board of directors has approved plans to buy back 3.8% of its shares<\/strong> as the company looks to support its share price, it said in disclosures to the EGX (pdf<\/a> and pdf<\/a>) yesterday. The company will repurchase 28 mn shares over the next three months, taking its buyback program to 4.8%, having already repurchased 1% of its shares during August and September. The company did not disclose how much it plans to spend on the repurchases.<\/p>\n

The buybacks seem to be doing the trick:<\/strong> Since announcing the program<\/a> at the beginning of August, Edita\u2019s share price has rebounded almost 20% to reach highs not seen since 2020. Shares fell 1.0% to EGP 9.62 during today\u2019s trading session.<\/p>\n

\n

The EGX30 rose 1.2% at today\u2019s close<\/strong> on turnover of EGP 1.18 bn (14.7% above the 90-day average). Foreign investors were net sellers. The index is down 14.0% YTD.<\/p>\n

In the green: <\/strong>Fawry (+5.6%), Ezz Steel (+4.4%) and e-Finance (+3.5%).<\/p>\n

In the red: <\/strong>Telecom Egypt (-1.5%), QNB-Alahly (-1.4%) and Talaat Moustafa Holding (-0.5%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Edita\u2019s board of directors has approved plans to buy back 3.8% of its shares as the company looks to support its share price, it said in disclosures to the EGX (pdf and pdf) yesterday. The company will repurchase 28 mn shares over the next three months, taking its buyback program to 4.8%, having already repurchased […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7219],"tags":[102,191,68,633,642],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553120","post","type-post","status-publish","format-standard","hentry","category-go-with-the-flow","tag-capital-markets","tag-edita","tag-egx","tag-enterprisepm","tag-go-with-the-flow","wpautop","entry"],"acf":{"mongo_id":"0bf01cc0-b0dd-4dc9-b268-192e8a5687ba","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[553106],"teaser":"","voice_url":""},"yoast_head":"\nEdita to buy back another 3.8% of shares over 3 months - 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\/10\/20\/edita-to-buy-back-another-3-8-of-shares-over-3-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Edita to buy back another 3.8% of shares over 3 months\" \/>\n<meta property=\"og:description\" content=\"Edita\u2019s board of directors has approved plans to buy back 3.8% of its shares as the company looks to support its share price, it said in disclosures to the EGX (pdf and pdf) yesterday. 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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":548314,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/03\/edita-launches-new-share-buyback-program\/","url_meta":{"origin":553120,"position":1},"title":"Edita launches new share buyback program","author":"enterpriseam admin","date":"3 August 2022","format":false,"excerpt":"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\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/131.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549302,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/e-finance-to-buy-back-5-of-its-shares\/","url_meta":{"origin":553120,"position":2},"title":"e-Finance to buy back 5% of its shares","author":"enterpriseam admin","date":"12 September 2022","format":false,"excerpt":"e-Finance announces big share buyback program: EGX-listed fintech operator e-Finance will buy back 5% of its shares over the next nine months in a bid to support its share price and boost investor confidence, the company said in an EGX disclosure (pdf) posted on trading screens yesterday. The program could\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/191.jpg?fit=%2C&ssl=1&resize=350%2C200","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":553120,"position":3},"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":572808,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/09\/the-coronavirus-is-fuelling-a-stock-buyback-boom-in-egypt\/","url_meta":{"origin":553120,"position":4},"title":"The coronavirus is fuelling a stock buyback boom in Egypt","author":"enterpriseam admin","date":"9 July 2020","format":false,"excerpt":"The coronavirus is fuelling a stock buyback boom in Egypt: Since March, EGX-listed companies have been buying back their own shares amid turmoil in global financial markets prompted by the pandemic. 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