Naeem Buys Back 4.9 % of its Shares

Naeem Holding announced Tuesday its board approval to buy back up to 4.9 % of the firm's shares from the open market.

"We see it as an investment opportunity as the fair value of the stock is much more than the current market price," Tarek Gadallah, Naeem Holding's investors relations director, said. Gadallah declined to disclose the value of the deal or the name of the buyer but said the sale was part of a restructuring plan aimed at centralising its activities.

Shares in Naeem jumped 4.71 % to $0.89 by 0946 GMT putting the total value of the 4.9 % stake at about £E 74 million. The total number of listed shares in the bank is £E 1.7 billion shares.

A bank statement said the board also agreed to sell Naeem Financial Investment, which is a subsidiary of Naeem Holding, to a sister company.

About Naeem Holding

NAEEM Holding is an Egyptian free–zone company and one of the fastest growing investment banks in the region. With the vision to become the premier financial service provider for the next millennium of Arab investment, NAEEM Holding offers brokerage, portfolio and fund management, private equity, and corporate finance operations from its core offices in the Kingdom of Saudi Arabia (KSA), Egypt, and the United Arab Emirates (UAE).