Egypt's EFG shares rise almost 10 pct on share buyback plan

CAIRO Thu Jan 9, 2014 3:43am EST

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CAIRO Jan 9 (Reuters) - Shares in Egypt's EFG Hermes , one of the largest investment banks in the Middle East, rose almost 10 percent on Thursday after the firm announced it had approved a 1 billion Egyptian pound ($143.76 million) share buyback plan.

The plan aims to return 1 billion pounds to shareholders during the first nine months of 2014. The first phase of the programme amounts to 425 million pounds to be executed within the next four weeks, with the second phase taking place in the late second to third quarter of 2014.

($1 = 6.9562 Egyptian pounds) (Reporting by Shaimaa Fayed; editing by Jason Neely)