Karachi September 27 2023: Thatta Cement Company Limited (THCCL) announced buyback of 15 million shares at spot price to provide exit to current shareholders, according to company filing to the exchange.
Share price of the company gain 43 paisa or 2.95 percent after the announcement at Pakistan Stock Exchange.
The Board of Directors of Thatta Cement Company Limited (the “Company”), in its meeting held on September 26, 2023 at 3:15 p.m., has approved, and decided to recommend to the members of the Company for their approval by passing of special resolutions, the purchase / buy-back of up to 15,000,000 (Fifteen Million) issued ordinary shares of the Company (constituting approximately 15.04% of the current issued and paid up share capital of the Company), of the face value of PKR 10/- (Pak Rupees Ten) each, by the Company in accordance with Section 88 of the Act read with the Regulations, subject to, inter alia, obtaining the requisite approval from the members of the Company.
The shares shall be purchased from time to time at the spot/ current share price acceptable to the Company prevailing during the purchase period from November 2, 2023 to April 23, 2024, or till such date that the Purchase Period Buy-Back is completed, whichever is earlier.
Since the Buy-Back is to be carried out at the spot / prevailing [Allocated Funds share price, the Company will ensure availability of funds with respect to the shares to be purchased. The actual purchase of shares by the Company shall be subject to varying factors during
the purchase period, including market conditions.
The Buy-Back will be made from the distributable profits and the proposed Buy-Back will have a positive effect on the future financial position of the Company, including the break-up value and its Earnings per Share (EPS). The Buyback effect on the financial position of the Back will also provide an opportunity of exit to those members Company who wish to liquidate their investment, fully ar partially.
