The Clap
El Sewedy Electric (SWDY) has decided to buy back 30 million shares from the market.
The Deets
Capitalizing on the current low prices in the EGX, El Sewedy is to begin buying back 30 million shares from its stocks, representing around 1.3% of the company’s shares.
This process will take place over the next 3 months and will take place through the open market.
Why now?
The EGX has been on a decline for a while now, with most companies’ shares being traded at very low prices.
This decision comes as an investment opportunity for El Sewedy to buy the shares at a low price.
El Sewedy to start buying back shares from the market 💵
