Lucky Cement Ltd (Yunus Brothers) informed Pakistan Stock Exchange (PSX) that it had completed the buyback of its 10m shares, which began on 29 September 2022, at spot prices prevailing on the PSX during this period. These shares will now be cancelled to improve its “future financial position,” said a bourse filling of 17 March.
The company used the funds from its “distributable profits” and utilised its “internally generated cash flows” for the transaction. The soon-to-be-cancelled shares consist of 8.8 per cent of the company’s free float, which is the shareholding of public investors instead of the locked-in shares held by the sponsors. The total number of outstanding shares of Lucky Cement will reduce to 313.3m from 323.3m after the cancellation of the bought-back shares.
Lucky Cement has become the fifth company to have completed its share buyback exercise in the last year. Maple Leaf Cement Factory Ltd, NetSol Technologies Ltd, JDW Sugar Mills Ltd, and Bank Alfalah Ltd also carried out their share repurchases. The companies in the middle of their buyback exercises are Engro Corporation Ltd, Kohat Cement Ltd, Kohinoor Textile Mills Ltd, and Synthetic Products Enterprises Ltd.
