Lahore January 24 2023: The Board of Directors of Kohat Cement Company Limited in its meeting held today, has approved and recommended to the members of the Company for the purchase/buy-back of upto 5,000,000 (Five Million) of its own issued ordinary shares, having face value of Rs. 10 each, out of the distributable profits/reserves of the Company.
Company share price gain PKR 9.3 or 7.5 percent to hit upper limit of PKR 133.78 in today trading at Pakistan Stock Exchange.
Company shall purchase shares (buy back) up to an aggregate of 5,000,000 (Five Million) (Approx. 2.49% of the total outstanding shares) issued ordinary shares of the Company having paid-up/face value of PKR 10/- (Pak Rupees Ten Only).
The shares shall be purchased from time to time at spot/current price acceptable to the Company prevailing during the purchase period in accordance with Regulation 8(2) of the Listed Companies (Buy-back of Shares) Regulations, 2019).
The shares will be purchased from March 1, 2023 to August 19, 2023 (both days inclusive) or till such date that the purchase is complete, whichever is earlier.
The purchase of shares shall be made in cash and shall be out of the distributable profits/reserves as required under Section 88(8) of the Companies Act, 2017.
The purchase/buy-back of the Company's issued ordinary shares will improve the break-
up value as well as earnings per share of the Company. Further, it will provide an opportunity of exit to those members who wish to liquidate their investments.
The Board has decided to convene an Extra-ordinary General Meeting (EOGM) of the Company on Tuesday, February 21, 2023, at 11:00 AM, at the registered office of the Company, Kohat Cement Factory, Rawalpindi Road, Kohat to seek members' approval for the proposed buy-back of shares.
The Share Transfer Books of the Company will be closed from February 15, 2023 to February 21, 2023 (both days inclusive). Transfer received in order at the share department of Company, Hameed Majeed Associates (Pvt.) Limited, H.M. House, 7-Bank Square, Lahore, at the close of business on February 14, 2023 will be treated in time for the purpose of EOGM.
