Karachi May 17 2022: Maple Leaf Cement Factory Limited (MLCF) by way of Special Resolution have accorded approval to the Company to purchase/buy-back of its own shares through Pakistan Stock Exchange Limited upto a maximum of 25 million issued ordinary shares of the face value of Rs. 10/- (Rupees Ten) according to the company filling to the exchange.
The price of the company stock drop 34.29% since start of the year on rising raw material prices and decrease in cement dispatches.
The shares will be purchased each at the spot / current share price prevailing during the purchase period in cash and out of distributable profits of the Company for cancellation purpose under Section 88 of the Companies Act, 2017 read with the Listed Companies (Buy-Back of Shares) Regulations, 2019.
Maple Leaf Cement Factory Limited was incorporated in Pakistan on 13 April 1960 under the Companies Act, 1913 (now the Companies Ordinance, 1984) as a public company limited by shares. The principal activity of the Company is production and sale of cement. The Company is a subsidiary of Kohinoor Textile Mills Limited (“the Holding Company”).