{"id":572808,"date":"2020-07-09T03:41:02","date_gmt":"2020-07-09T03:41:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/09\/the-coronavirus-is-fuelling-a-stock-buyback-boom-in-egypt\/"},"modified":"2020-07-09T03:41:02","modified_gmt":"2020-07-09T03:41:02","slug":"the-coronavirus-is-fuelling-a-stock-buyback-boom-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/09\/the-coronavirus-is-fuelling-a-stock-buyback-boom-in-egypt\/","title":{"rendered":"The coronavirus is fuelling a stock buyback boom in Egypt"},"content":{"rendered":"

<\/a> The coronavirus is fuelling a stock buyback boom in Egypt:<\/strong> Since March, EGX-listed companies have been buying back their own shares amid turmoil in global financial markets prompted by the pandemic. As the benchmark EGX30 index fell to three-and-a-half-year lows, experiencing single-day routs<\/a> unlike anything seen since the political turbulence of 2012, companies jumped at the opportunity to repurchase stock, in what is for the Egyptian market a novel corrective measure in the face of a financial crisis.<\/p>\n

First things first: What are buybacks?<\/strong> Share buybacks are when a company repurchases stock from shareholders at market value, reabsorbing that portion of ownership of the company. It has been a common practice since the 1980s globally, and has since reached levels that are setting off alarm bells among some analysts.<\/p>\n

What\u2019s the point? <\/strong>It\u2019s a way to drive up your share price while also returning excess cash to shareholders who want out of your stock entirely. More on all of that in a moment.<\/p>\n

Buybacks are common in developed markets, but were rare here<\/strong> until the Financial Regulatory Authority stepped in at the beginning of March<\/a>. As shares around the world slumped in the early days of covid, the FRA made buybacks easier by suspending a three-day notice requirement and allowing companies to buy back shares on the same day, giving companies the ability to buy back their own shares without overtly signalling that sellers might want to drive up the price.<\/p>\n

This opened the floodgates: More than 20 EGX-listed companies<\/strong> have bought back anywhere from 0.5-2.5% of their floating shares since the FRA\u2019s announcement. Blue chips including Orascom Development Egypt (ODE), Elsewedy Electric, GB Auto, Palm Hills and Madinet Nasr have all lined up to buy back shares, some immediately after rules were relaxed (see here<\/a> and here<\/a>).<\/p>\n

What\u2019s the logic underpinning the surge in buybacks?<\/strong><\/p>\n

Supporting share prices:<\/strong> Buybacks help to prop up a company\u2019s share price (even if only temporarily) by decreasing the number of floating shares \u2014 available to public investors and not \u201clocked in\u201d and held by company executives, governments or private parties \u2014 causing the earnings per share (or EPS ratio) to increase and (the theory goes) demand to rise.<\/p>\n

Taking the panic sellers out of the market:<\/strong> \u201cThere were people who were in \u201cpanic mode\u201d and selling at any price. This of course made other investors nervous. So you go in and buy these shares and eliminate the panic sellers. Now there\u2019s renewed activity around the stock and investors are buying the stock again,\u201d says Hany Berzi, CEO of Edita, which since March has purchased 2.3 mn shares, 0.32% of the company\u2019s total outstanding shares.<\/p>\n

It is also a way to telegraph confidence to investors:<\/strong> For private equity outfit B Investments, the market crash in March made it imperative to \u201csend a clear signal\u201d to investors that the company believed its stock was undervalued, Investor Relations Manager Omar Labban told Enterprise. The company\u2019s buybacks communicated confidence in the stock, and that was reflected in investor demand which he says increased more than eightfold. \u201cBefore the buybacks began on 29 March, the daily trade was around 6.5k shares a day, that increased to over 50-60k after the buybacks.\u201d The company has bought back around 800k shares, or 0.51% of all outstanding shares, since late March.<\/p>\n

Buybacks became an attractive proposition as stocks slid:<\/strong> Companies can use buybacks to invest in themselves when they believe their shares are undervalued. MNHD, for instance, bought back some 7 mn shares, 0.5% of the company\u2019s capital, since the market crash in March. \u201cWe believe it was a good opportunity to buy. The price was very low, and we had extra cash. We believe in the value of the company so we wanted to \u2018put our money where our mouth is\u2019 as the expression goes,\u201d said Investor Relations Manager Salah Katamish.<\/p>\n

Analysts agree:<\/strong> \u201cIn March [equities] looked very underpriced \u2026 and with the CBE having cut interest rates aggressively in March, the opportunity cost of stock buybacks has fallen,\u201d Simon Kitchen, head of global strategy at EFG Hermes, tells us. \u201cThe demand outlook was also unclear at the time, so perhaps companies felt buybacks would be a good use of cash.\u201d Allen Sandeep, head of research at Naeem Brokerage, also said that companies were seeing more value in buybacks than capital investment. \u201cEgyptian stocks have been hammered. Pandemic-driven concerns have led to a severe mispricing of stocks \u2026 so we now have a situation wherein companies find more value in investing within, by making buybacks, than making new investments,\u201d he said.<\/p>\n

The FRA loosened the rules:<\/strong> Kitchen stressed that the FRA\u2019s move to ease regulations was itself a driving factor behind the surge in buybacks, a view shared by the regulator. \u201cWe wanted to make the right policy decision at the right time,\u201d an FRA official told us, speaking on condition of anonymity. \u201cGiven market volatility in March, providing companies with the opportunity to buy back stocks right away instead of having to wait 72 hours made a world of difference.\u201d<\/p>\n

Buybacks aren\u2019t without their critics:<\/strong> Detractors say buybacks artificially boost share prices while adding no real earned value. They also run the risk of sapping liquidity: \u201cBuybacks can be supportive for stock prices in the short run, but they also reduce freefloat, which can be negative in the longer run,\u201d says Kitchen. There\u2019s also an opportunity cost: Could the money have done more had it been invested or saved to help companies cope during a downturn? \u201cIt is arguably better for the economy that companies invest in fixed assets \u2014 generating employment and boosting real demand \u2014 rather than financial assets,\u201d Kitchen says.<\/p>\n

It all comes down to timing, says Berzi:<\/strong> \u201cYou have to strike a balance,\u201d says Berzi. \u201cThe stock had reached a very low price, and we needed to give support to our stock so we decided to buy shares back. Also to create demand for the stock in light of the covid-19 circumstances and the major deterioration that occurred for all stock prices. It wasn\u2019t the time expansion,\u201d he added.<\/p>\n

More on the horizon?<\/strong> With the EGX stabilized and volumes high, buybacks aren\u2019t on the agenda at Edita or MNHD in the near term. MNHD\u2019s Katamish says the company capitalized on a window of opportunity and that there are no upcoming plans to buy more stock. Edita\u2019s Berzi is playing his cards closer to his chest. B Investments, however, is looking at another buyback once it has board approval.<\/p>\n

The FRA can always close the door:<\/strong> The suspension of the three-day notice period, while temporary, will remain in effect until an announcement terminating the policy is made. The FRA source says that while it has no plans to do anything to make buybacks even easier, the market regulator has not ruled it out either. \u201cWe don\u2019t believe [facilitating buybacks] is necessary at this time, but we are keeping a close eye on the market and we\u2019ll see how things develop,\u201d the source said. \u201cWe will make the best decision for what best supports the market at any given time.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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. As the benchmark EGX30 index fell to three-and-a-half-year lows, experiencing single-day routs unlike anything seen since the political turbulence of 2012, companies jumped at […]<\/p>\n","protected":false},"author":1,"featured_media":572809,"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":[8572],"tags":[140,107,191,84,68,152,72,164,7087,76,241,353,2115,256,354,527,343,5467,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-572808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-b-investments","tag-covid-19","tag-edita","tag-efg-hermes","tag-egx","tag-elsewedy-electric","tag-enterpriseam","tag-equities","tag-finance","tag-financial-regulatory-authority","tag-gb-auto","tag-madinet-masr-for-housing-and-development","tag-naeem-brokerage","tag-orascom-development-egypt","tag-palm-hills-developments","tag-pandemic","tag-regulation","tag-share-repurchase","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"619c1846-3ae4-4892-8495-bb3f302dad22","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/7\/55.jpg","photo_position":"above","related_issue":[572803],"teaser":"","voice_url":""},"yoast_head":"\nThe coronavirus is fuelling a stock buyback boom in Egypt - 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\/2020\/07\/09\/the-coronavirus-is-fuelling-a-stock-buyback-boom-in-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The coronavirus is fuelling a stock buyback boom in Egypt\" \/>\n<meta property=\"og:description\" content=\"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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The company is currently conducting due diligence but didn\u2019t provide any additional information. Separately, Raya\u2019s board of directors will start\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573008,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/16\/egypt-kuwait-holding-resumes-usd-20-mn-share-buyback\/","url_meta":{"origin":572808,"position":1},"title":"Egypt Kuwait Holding resumes USD 20 mn share buyback","author":"enterpriseam admin","date":"16 July 2020","format":false,"excerpt":"\u00a0The board of Egypt Kuwait Holding (EKH) approved resuming its USD 20 mn buyback program\u00a0 to purchase 14.85 mn of its shares from the EGX, equivalent to 1.45% of the company\u2019s total share capital, according to a regulatory filing (pdf). The company began its program to purchase treasury stock earlier\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572707,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/06\/elsewedy-electric-extends-its-stock-buyback-program-to-october\/","url_meta":{"origin":572808,"position":2},"title":"Elsewedy Electric extends its stock buyback program to October","author":"enterpriseam admin","date":"6 July 2020","format":false,"excerpt":"Elsewedy Electric is extending its stock buyback program to October, after the board of directors approved last week pushing back to 1 October the company\u2019s deadline to buy up to 54.6 mn shares, equivalent to 2.5% of the company, according to an EGX disclosure (pdf)","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548314,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/03\/edita-launches-new-share-buyback-program\/","url_meta":{"origin":572808,"position":3},"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":550229,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/19\/swvl-could-get-booted-off-the-nasdaq-oih-joins-the-egx-buyback-club\/","url_meta":{"origin":572808,"position":4},"title":"Swvl could get booted off the Nasdaq + OIH joins the EGX buyback club","author":"enterpriseam admin","date":"19 October 2022","format":false,"excerpt":"US- and locally-listed firms are steering their stock through choppy waters: Over on Wall Street, Cairo-born Swvl is reportedly considering combining (through a reverse stock split) or canceling some of its shares as it looks to avoid delisting due to low trading price. Closer to home, Orascom Investment Holding is\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\/internal\/536550.png?resize=350%2C200&ssl=1","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":572808,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/572808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=572808"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/572808\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/572803"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/572809"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=572808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=572808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=572808"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=572808"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=572808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}