Atransaction worth EGP 5.125 million was executed Wednesday on 1.25 million treasury shares in North Africa Real Estate Investment (NOAF) at EGP 4.1 each.
The company’s board had approved the repurchase of 1.250 million treasury shares from all shareholders.
The share repurchase is aimed at using available cash surplus and boost trading on the stock. The company had posted EGP 5.8 million net profit in the nine-month period that ended on June 30, 2014, with 38% decline compared with EGP 9.3 million in the same period a year earlier.