Lucky Cement Limited announces buy-back of up to 7.59% of issued shares

Karachi, In a meeting held on April 28, 2023, the Board of Directors of Lucky Cement Limited has approved and recommended the buy-back of up to 23,800,000 issued ordinary shares of the company, constituting approximately 7.59% of the current issued and paid-up share capital.

The shares will be purchased at the current share price prevailing during the purchase period, which runs from June 2, 2023, to November 20, 2023, or until the purchase is complete. The buy-back will be made from the distributable profits of the company, in accordance with Section 88(8) of the Companies Act, 2017.

The Board recommended the buy-back as it will have a positive effect on the company’s future financial position, including the break-up value of the company’s shares and its earnings per share. The company has decided to convene an Extraordinary General Meeting on May 24, 2023, to seek approval for the buy-back. 3

The Share Transfer Books of the Company will remain closed from May 17, 2023, to May 24, 2023, both days inclusive.