Pioneers Properties for Urban Development, chaired by businessman Mr.Waleed Zaki, announced that its board has approved the repurchase of 10mn treasury shares, equivalent to about 0.95% of the company’s stock. The step reflects management’s commitment to strengthening investor confidence and supporting share stability on the Egyptian Exchange, Invest-Gate reports.

According to the board, the buyback decision is driven by the belief that the current trading price does not reflect the company’s real performance or book value. Despite economic headwinds, Pioneers Properties continues to achieve robust financial results, with revenues climbing to EGP 3.27bn from EGP 2.65bn in the comparable period.

For the past four years, the company has pursued treasury share purchases as a consistent strategy to reinforce its stock. While some investors argue for direct cash dividends, analysts highlight that the policy demonstrates the company’s focus on long-term stability and shareholder value.

The move comes in line with new regulatory measures by the Financial Regulatory Authority (FRA), which allow treasury share purchases through the open market, eliminate the pre-notification requirement, and mandate holding periods of three months to one year.

By adopting this approach, Waleed Zaki and the board send a clear signal to the market: Pioneers Properties is determined to preserve investor trust and ensure the company’s stock reflects its solid fundamentals, despite trading well below book value.