ArabianBusiness.com - Middle East Business News
Tuesday, 24 November 2009 09:26 UAE time

YOUR DIRECTORY /

| Share |

Egypt's Olympic Group announces share buyback

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 16 December 2008
MONEY MACHINE: Olympic Group makes white goods mostly for the local market. (Getty Images)

Egyptian domestic appliance maker Olympic Group said on Monday it would seek to buy back up to 3 million shares.

In a statement, the company said its board of directors had unanimously agreed to buy back the shares, which represent 5 percent of the company's capital, but gave no further details.

At current prices, the buyback would cost the firm around 70.4 million Egyptian pounds ($12.7 million).

Many Egyptian companies have taken advantage of recent sharp declines in stock prices to buy back shares from the market.

Story continues below
advertisement

The company said in November its third-quarter profit dropped 60 percent as it spent more on marketing and salaries.

Olympic Group makes consumer products including automatic washing machines, refrigerators, electric water heaters, and gas cookers, according to its website.

Shares in the company last traded 17.46 percent higher at 23.48 pounds on Monday. (Reuters)

| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

SHARE PRICE CHECK

 EMAIL ALERTS

  1. Olympic Group

  2. Financial Markets


Tell us your story

READER COMMENTS

  1. Dubai developers see negative press reports decline 09
    24 Nov ' 09 at 07:48
    How much can one read/write abt one particular event. That’s the only reason the negative writing has gone down no one is interested...   More  »
  2. Why I h8 junk txts 08
    24 Nov ' 09 at 08:16
    This is a simple solution to avoid being woken up at night. Most mobile phones offer this option. Sorry, I don't have any solution to...   More  »
  3. 'Worrying' diabetes tests raise doubt on UAE's health 04
    24 Nov ' 09 at 08:52
    It is high time for us to buy the shares in the Pharmaceutical Cos. which are manufacturing drugs for diabetic.It is not the education...   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM