Karachi May 26 2023: Lucky cement stock rose 4.0 percent or PKR 19.13 in today’s trading at Pakistan Stock Exchange as company shareholders approved second buy back of 23.8 million shares from the market from June 2, 2023, according to company filing to the exchange.
Shareholders of Lucky Cement Limited in Extra Ordinary General Meeting approved purchase / buy-back up to 23,800,000 (Twenty Three Million Eight Hundred Thousand) issued ordinary shares of the Company, having face value of PKR 10/- (Pak Rupees Ten) each, constituting up to approximately 7.59% of the current issued and paid up share capital of the Company, at the spot / current price acceptable to the Company prevailing during the purchase period, through the securities exchange (i.e. the Pakistan Stock Exchange Limited), in accordance with the salient features as mentioned in the Statement under Section 134(3) of the Companies Act, 2017 annexed to this Notice (the "Buy-Back").
Shareholders also approved that the ordinary shares purchased by the Company pursuant to these special resolutions be cancelled in accordance with the Regulations.
Moreover, the Buy-Back shall be made through the securities exchange (i.e. the Pakistan Stock Exchange Limited), and the purchase period shall be from June 2, 2023 to November 20, 2023, or till such date that the Buy-Back is completed, whichever is earlier.