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Tue 16 Dec 2008 02:21 AM

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Egypt's Olympic Group announces share buyback

Domestic appliance maker's board approves acquisition of 5% of company's stock.

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.

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)

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