Lucky Cement Limited (PSX: LUCK) has completed the buyback of over 20.3 million (20,375,000) ordinary shares, representing approximately 6.50 percent of the issued and paid-up capital of the Company, the cement maker informed the Pakistan Stock Exchange on Tuesday.
The transaction is the largest share buyback of PSX and constitutes approximately 6.5 percent of the current issued and paid-up share capital of LUCK, with a face value of Rs. 632.6 per share.
The buyback size is estimated at a value of Rs. 12.89 billion.
“The purchased Shares shall be canceled in accordance with applicable laws and Members’ approval. Accordingly, in accordance with Regulation 7(2) of the Regulations, the purchase period stands closed/completed on Monday, November 20, 2023,” the stock filing added.
The principal activity of the Company is the manufacturing and marketing of cement.
At the time of filing, LUCK’s scrip at the bourse was Rs. 695.99, up 2.09 percent with a turnover of 263,013 shares on Tuesday.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
Advocates High Court & Tax Counsel
Jurisdiction: Pakistan