Medinet Nasr to Buy Back £E 1 Million Shares

Medinet Nasr Housing, Egypt's third-largest listed housing company by value, said on Tuesday its board approved a share buyback of 1 million shares, or about 1 % of the company's shares.

A company statement to the stock exchange did not say what price Medinet Nasr would pay, but the move would cost the company about £E 37.6 million based on the market price by 0834 GMT on Tuesday. The company needs the regulatory authorities to approve the buyback plan.

The company said its unaudited net profit in the financial year ending June was £E 97.16 million but it did not give a comparative figure or state whether the amount was before or after minority interest. An official declined to elaborate.