Arafa Buys Back 5 % of Shares

Arafa Holdings announced on Wednesday that it plans to buy back up to 5 % of its shares to support its share price. The 5 % would have a market value of about £E 60.9 million at current prices.

Arafa said last month it had begun exclusive due diligence to buy a license to sell formal wear by French designer Pierre Cardin. It has already acquired the licenses to sell Pierre Cardin men's sportswear, casual wear and formal shirts. Arafa said earlier this year it was seeking to spend at least $300 million to buy men's clothing brands in Italy or Germany.

About Arafa Holdings

Arafa Holdings is the largest privately-owned group in the textile and garment field in Egypt. Its scope of companies dye, spin and weave fabrics, as well as producing high quality apparel for domestic trade and export for top brand names such as Valentino and Jaeger. The Egyptian textile industry has a complete vertically integrated functioning model, starting from the availability of quality raw materials – Egyptian cotton is renowned throughout the world – through treatment of cloth by spinning, dyeing and weaving, to the versatility of finished items in apparel and home textiles.