The Clap
Orascom Financial (OFH) bought back 3.5 million of its shares during Monday, December 12th trading session.
What
This buyback is part of a bigger share buyback program, as the company purchased more than 32 million shares since the beginning of this month.
So what
Companies can choose to buy back their own shares for several reasons, & many EGX-listed companies have been buying back their shares since the pandemic hit in early 2020.
Now what
Any bought-back shares that are not sold back to the market within a year are canceled, & cannot be reissued later, & won’t be reflected on the company’s financial statements.
