Islamabad May 29 2022: NetSol Technologies Limited (NETSOL) buy back 679,500 shares as of Friday 27th May 2022, according to company’s filling to the exchange.
These shares (679,500) represent 34% of the total company’s buy back target.
The share price of the company increased by 11.7% since the start of the buyback on May 18,2022.
NetSol Technologies Limited Board of Directors (BoD) in their meeting held on April 11 2022 had decided to recommend to the members for their approval by passing a special resolution, the purchase/buyback of its issued ordinary shares of the company.
The number of total shares to Buy Back will be 2.0 million. The shares will be bought at the spot rate during the period from May 18,2022 to August 15,2022 or till such date purchase is complete.
The purchase will be made out of the distributable profits of the company using its own funds. The purchase will improve the EPS subsequent to the purchase and will also result in improved dividend. Furthermore, it will provide an opportunity for exit to those members who wish to liquidate their investments.
NetSol Technologies Limited incorporated in Pakistan on August 22, 1996 under the repealed Companies Ordinance, 1984, (Now Companies Act 2017). as a private company limited by shares, was later on converted into public limited company. Main business of the Company is development and sale of computer software and allied services in Pakistan as well as abroad.
