{"id":681611,"date":"2026-01-18T00:00:00","date_gmt":"2026-01-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=681611"},"modified":"2026-01-18T04:16:32","modified_gmt":"2026-01-18T04:16:32","slug":"why-do-listed-companies-buy-back-treasury-shares-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/01\/18\/why-do-listed-companies-buy-back-treasury-shares-2\/","title":{"rendered":"Why do listed companies buy back treasury shares?"},"content":{"rendered":"

The wave of share buybacks on the EGX is evolving.<\/strong> Once a simple signal that management viewed its shares as undervalued, treasury stock has emerged as a complex strategic lever used to optimize tax exposure, manage exits, and go private, Al Ahly Pharos Research Head Hany Genena tells EnterpriseAM. Buybacks can also be used as a tool to fight-off activist investors.<\/p>\n

The trend:<\/strong> Activity clustered heavily in late 2025, with EFG Holding<\/a> canceling 23.7 mn shares, Madinet Masr<\/a> targeting up to 4% of its own shares, and GFH purchasing 9.95 mn shares (pdf)<\/a>. Ezz Steel completed a buyback from minority shareholders ahead of its voluntary delisting, purchasing 163.8 mn shares<\/a>, equal to 30.2% of issued capital and 88% of its float.<\/p>\n

SOUND SMART- <\/strong>A share buyback is when a company uses its own funds to purchase its shares from the stock market, reducing the number of shares in circulation. This often boosts earnings per share (EPS) and can support the share price, since earnings are spread across fewer, less-available shares.<\/p>\n

\n

Why it matters: The five strategic drivers<\/p>\n

#1- The one-off reward: <\/strong>Buybacks also avoid the market expectation that a payout will be repeated next year. For many EGX firms, buybacks remain the preferred method of returning capital without creating long-term expectations or liabilities. <\/p>\n

#2- The tax arbitrage: <\/strong>In a high-inflation environment, buybacks beat dividends on efficiency. \u201cDividends face a 10% withholding tax,\u201d Genena said, noting that \u201cselling into a buyback is subject only to stamp duty.\u201d <\/p>\n

#3- The floor for fund managers: <\/strong>With large institutional investors needing to mark holdings to market, management teams are stepping in to support the share price. Genena points to Edita, where a buyback program supported liquidity ahead of Kingsway\u2019s exit. Kingsway\u2019s final exit from Edita came last fall.<\/p>\n

#4- The synthetic capital gain: <\/strong>Companies like Raya Contact Center have accumulated shares ahead of corporate actions to book capital gains directly to equity, Genena said, noting that even if the triggering transaction stalls (as Raya\u2019s did), the company retains the flexibility to resell the shares for a gain.<\/p>\n

#5- The boardroom defense: <\/strong>Companies can use buybacks to shrink their freefloat as a \u201cpreemptive measure\u201d against activist entry, Genena says. Companies can use buybacks to shrink the free float as a preemptive measure against activist entry \u2014 fewer shares trading means it\u2019s harder and more expensive for an outsider to accumulate the 10% stake required to demand a board seat. Ongoing friction between Juhayna\u2019s owners and Qatari shareholder Baladna<\/a> highlight the stakes involved when it comes to ownership thresholds.<\/p>\n

\n

What\u2019s next<\/p>\n

Expect a wave of capital reductions in 2026.<\/strong> Egyptian law caps treasury holdings at 10% and requires shares to be re-issued or canceled within one year. With the heavy buying activity in late 2025, you should expect a corresponding cycle of share cancellations and capital reductions over the next 12 months.<\/p>\n

(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n","protected":false},"excerpt":{"rendered":"

Dividends are subject to a 10% withholding tax, while buybacks incur only a smaller stamp duty<\/p>\n","protected":false},"author":1,"featured_media":681612,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[8794],"tags":[102,68,695,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-681611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-explains","tag-capital-markets","tag-egx","tag-enterprise-explains","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"1c485776-f657-4e29-9131-e1d0163f6530","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1417.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Why do listed companies buy back treasury shares?","related_issue":[681603],"teaser":"Dividends are subject to a 10% withholding tax, while buybacks incur only a smaller stamp duty"},"yoast_head":"\nWhy do listed companies buy back treasury shares? 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GB Auto is set to purchase 10\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":607730,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/09\/fra-eases-rules-on-share-buybacks\/","url_meta":{"origin":681611,"position":1},"title":"FRA eases rules on share buybacks","author":"enterpriseam admin","date":"9 October 2023","format":false,"excerpt":"The amendments aim to facilitate the process of buying and selling of treasury shares for EGX-listed companies","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\/2023\/10\/339.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569741,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/05\/orascom-obour-land-mm-group-and-eg-kuwait-holding-co-are-lining-up-for-stock-buybacks\/","url_meta":{"origin":681611,"position":2},"title":"Orascom, Obour Land, MM Group and EG Kuwait Holding Co. are lining up for stock buybacks","author":"enterpriseam admin","date":"5 March 2020","format":false,"excerpt":"Orascom, Obour Land, Raya, MM Group and EKH jump on the stock buybacks wagon: Orascom Development Egypt (ODE), Raya Holding, Obour Land, MM Group, and Egypt Kuwait Holding (EKH) are all lining up to buy back treasury shares in the next few weeks, as several companies are looking to capitalize\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":570053,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/egx-sell-off-continues-as-shares-fall-7\/","url_meta":{"origin":681611,"position":3},"title":"EGX sell-off continues as shares fall 7%","author":"enterpriseam admin","date":"17 March 2020","format":false,"excerpt":"The selloff on the EGX continued yesterday, tripping circuit breakers yet again: The sell-off on the EGX continued at pace yesterday, with the benchmark EGX30 index finishing 7.1% in the red and the wider EGX100 falling more than 6%. CIB, the EGX30 heavyweight, closed down 6.7%. Qalaa Holdings and El\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\/2020\/3\/198.jpg?fit=%2C&ssl=1&resize=350%2C200","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":681611,"position":4},"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":570095,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/18\/egx-sell-off-slows-following-cbes-surprise-rate-cut\/","url_meta":{"origin":681611,"position":5},"title":"EGX sell-off slows following CBE\u2019s surprise rate cut","author":"enterpriseam admin","date":"18 March 2020","format":false,"excerpt":"EGX sell-off slows following CBE\u2019s surprise rate cut: The benchmark EGX30 index dipped again yesterday, but at a slower pace Sunday and Monday as concern over the covid-19 outbreak continued to rattle the markets. The EGX30 fell 2.64% in the first minutes of the trading session and went on to\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\/2020\/3\/212.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\/681611","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=681611"}],"version-history":[{"count":1,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/681611\/revisions"}],"predecessor-version":[{"id":681655,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/681611\/revisions\/681655"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/681603"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/681612"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=681611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=681611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=681611"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=681611"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=681611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}