Cairo – Mubasher: Elsewedy Electric said Monday that the board of directors approved the stock's fair value study made by HC Securities and Investment, according to a bourse filing.
The fair value was set at EGP 73.8 per share, the filing revealed.
The board of directors approved buying back 3.6 million shares at EGP 62.5 each, totaling EGP 225 million.
By 10:15am Cairo time, the stock quote was placed EGP 58.41 with a 4.66% rise.
