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Karachi, In a move aligned with its strategic financial management, Lucky Cement Limited has successfully carried out the purchase of its own shares, adhering to the Special Resolution that was sanctioned during the Extraordinary General Meeting (EGM) convened on May 24, 2023. This significant step has been taken in accordance with Regulation 6(e) of the Listed Companies (Buy-Back of Shares) Regulations, 2019.
According to the provided details, the buy-back was executed during the PSX trading session on August 22, 2023, where a total of 119,890 shares of Lucky Cement Limited were repurchased. The company opted to buy back these shares at a weighted average price of PKR 602.69 per share.
This initiative reflects Lucky Cement’s confidence in its financial health, as well as its commitment to enhancing shareholder value. By repurchasing its own shares, the company effectively reduces the number of outstanding shares in the market, potentially leading to an increase in the earnings per share for existing shareholders.
Share buybacks are often employed by companies to optimize their capital structure and utilize excess cash reserves efficiently. In the context of Lucky Cement, this move is expected to further strengthen the company’s financial position and contribute to sustained growth.
It’s noteworthy that the buy-back of shares, as undertaken by Lucky Cement Limited, serves as a demonstration of their long-term business strategy and their intention to maximize shareholder benefits. This transaction marks a pivotal development in the company’s ongoing efforts to strike a balance between investment opportunities and returning value to its shareholders.
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