The Board of Directors of Lucky Cement Ltd, in its meeting held on 28 April 2023, has approved and decided to recommend to the members of the company for their approval by passing of special resolutions, the purchase/buyback of up to 23,800,000 issued ordinary shares of the company (constituting approximately 7.5 per cent of the current issued and paid up share capital of the company), of the face value of PKR10/share, each by the company by Section 88 of the Act read with the Regulations, subject to, inter alia, obtaining the requisite from the members of the company.
According to the notification of the company sent by GM Finance and Company’s secretary Faisal Mahmood to the Pakistan Stock Exchange (PSX), the buyback will start purchasing from 6 June to 20 November 2023, from its distributable profit at market price.
Topline Securities Ltd added that Lucky Cement is the first company to announce its second buyback (Treasury Stock) at PSX. Based on current prices, it translates into PKR10bn buyback. To recall, Lucky Cement completed its first buyback of 10m shares at an average price of INR435.6/share in March 2023.
