EFG Hermes, one of the largest investment banks in the Middle East, said on Thursday it had approved a buyback plan that aims to return 1 billion Egyptian pounds ($143.8 million) to shareholders during the first nine months of 2014.

The first phase of the programme amounts to LE425 million to be executed within the next four weeks, with the second phase to take place in the late second to third quarter of 2014, EFG said in a statement.

The first phase will involve a buyback of 36.96 million shares, representing 6.44 percent of the firm's current outstanding shares, at LE11.5 per share, the statement said ($1 = 6.9562 Egyptian pounds).