Karachi August 26 2022: The Board of Directors of Lucky Cement Limited, in its meeting held on August 25, 2022, has approved, and decided to recommend to the shareholders of the Company for their approval by passing of special resolutions, the purchase / buy-back of up to 10,000,000 (Ten million) issued ordinary shares of the Company, of the face value of Rs. 10/- (Rupees Ten) each.
The buyback by the Company will be in accordance with Section 88 of the Companies Act, 2017 read with the Listed Companies (Buy-Back of Shares) Regulations, 2019.
Lucky Cement Limited was incorporated in Pakistan on September 18, 1993 under the Companies Ordinance, 1984 (now the Companies Act, 2017). The principal activity of the Company is manufacturing and marketing of cement.
The purpose of the buyback is Cancellation of Shares.
Shares will be purchased through the securities exchange (i.e. the Pakistan Stock Exchange Limited) At the spot/current share price prevailing during the purchase period in accordance with Regulation 8(2) of the Regulations, and subject to Section 88(8) of the Companies Act, 2017.
The company will buy shares From September 29, 2022 to December 19, 2022, or till such date that the
purchase is complete, whichever is earlier.
The buy-back will be made from the distributable profits of the Company in accordance with Section 88(8) of the Companies Act, 2017. The Company will utilize its internally generated cash flows for the said transaction.
The Board has recommended the purchase / buy-back, as the same will have a positive effect on the future financial position of the Company, including the break-up value of the Company’s shares and its Earnings per Share (EPS). It will also provide an opportunity of exit to those members who wish to liquidate their investment, fully or partially.
The Board of Directors has decided to convene an Extra-ordinary General Meeting (EOGM) of the Company on Tuesday, September 20, 2022 at 12:00 noon at the registered office of the Company, situated at factory premises in Pezu, District Lakki Marwat, Khyber Pakhtunkhwa to seek shareholders’ approval (pursuant to the passing of special resolutions) for the proposed purchase / buyback of shares.
