Karachi March 19 2023: Lucky Cement Limited, the largest cement manufacturer of Pakistan, has carried out / completed the purchase / Buy-Back of the approved quantum of its ordinary shares i.e. 10,000,000 (Ten Million) shares, through the Pakistan Stock Exchange Limited, at the relevant spot / current share price from time to time during the purchase period, on March 17, 2023, according to the company filing to the exchange.
However, the share prices of the company dropped 19.2 percent since the announcement made by the company on August 25, 2022. Company share price was PKR 520.81 on the announcement when compared with yesterday closing of PKR 420.02 per share despite buy back of 8.8 percent of company's free float.
The said shares shall be cancelled in accordance with the applicable laws and the approval of the members.