Cairo – Mubasher: Egyptian Transport and Commercial Services Co’s (Egytrans) board of directors has approved to buy treasury stocks worth EGP 15.9 million, according to Mubasher statistics.

The company will purchase 2.21 million shares at EGP 7.2 per share, Egytrans said in a filing to the Egyptian Exchange (EGX) on Tuesday.

The transaction will be implemented through the OPR market, according to the filing.

In August, Egytrans reported a 60% year-on-year decline in consolidated profits for the first half of 2018.

Net profit narrowed to EGP 24.9 million in the six-month period ended June, from EGP 61.5 million in the prior-year period.

Sales retreated to EGP 124.12 million in H1-18, versus EGP 227.18 million in the same period last year.