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Tariq Abdulrahman, Managing Director of Bunyan Development and Trade, said that the company decided to buy treasury shares of up to 4% of the company’s shares, explaining that the process will be fully funded from the company’s self-resources and liquidity.
He pointed out in an interview with "Arab Business" that the decision came in light of a general decline in the shares of real estate companies listed on the Egyptian Stock Exchange during the past weeks, as a result of the decline in investor confidence in the traditional real estate development model due to the slowdown of the market, especially in the residential unit sector.
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He continued: "Bunyan" differs from real estate developers, as it focuses on investing in completed and leased administrative buildings, but investors often look at the real estate sector as similar stocks, which led to a decline in the sector's shares collectively.
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