Karachi February 17 2023: Engro Corporation buy back 1,323,205 shares at price of PKR 299.56 on February 16 2023, according to company filing at Pakistan Stock Exchange.
On Decemeber 14 2022, the Board of Directors of Engro Corporation Limited provided its approval for the purchase/buy-back by the Company of an aggregate of up to 70,000,000 issued shares.
The issued shares and paid-up ordinary shares of the Company, having paid-up/face value of PKR 10/- (Pak Rupees Ten only) each, in accordance with the Applicable Law.
The purpose of the purchase is cancellation of shares by purchasing shares through the Pakistan Stock Exchange Limited at spot price. The announcement buy back forms is approximately 12.1 percent of the total outstanding shares of the Company.
The shares will be purchased from February 03, 2023 to July 25, 2023 (both days inclusive) or till such date that purchase is complete, whichever is earlier.
The purchase of shares shall be made in cash and shall be out of the distributable profits.
Management believes that the purchase/buy-back of the Company’s issued ordinary shares will improve the earnings per share of the Company. Further, it will provide an opportunity of exit to those members who wish to liquidate their investments.