- Lucky Cement Start Shares Buyback
Karachi October 12 2022: Lucky Cement Limited, the largest cement player of Pakistan, have acquired on October 11, 2022, 90,000 at price of PKR 511.86 per share voting shares of its own in a buyback, according to company filling to the exchange.
The Board of Directors of Lucky Cement Limited, in its meeting held on August 25, 2022, approved 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.
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 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.
Company will purchase / buy-back shares from September 29, 2022 to March 27, 2023 (instead of September 29, 2022 to December 19, 2022), or till such date purchase is complete, whichever is earlier, in accordance with the provisions of Regulation.
