Lucky Cement plans to buy back its 10 million shares from shareholders at the face value of Rs. 10 per share.
According to the firm’s financial results, the board of directors has directed the management of the company to carry out the drive of purchasing back its shares from different shareholders. The reason for this transaction is said to be the cancellation of shares.
The purchase back of the shares will have a positive effect on the future financial position of the company including the breakup values of the company’s shares and earnings per share.
It will also provide an opportunity for exit to those members who wish to liquidate their investment fully or partially.
The buyback of shares will continue from the period of September 29 to December 19, this year.
The company will purchase its shares back at the spot or current share price prevailing during the said period in accordance with PSX’s law.