AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Lucky Core Industries Limited has announced the successful completion of a share buyback from its subsidiary, Lucky TG (Private) Limited, which was finalized on July 23, 2024.
According to information available from the Pakistan Stock Exchange (PSX), the transaction adhered strictly to Section 88 of the Companies Act, 2017, alongside the Companies Regulations, 2024. The procedure aligns with previous disclosures provided in a letter dated May 29, 2024, under Reference no. LO/ComSec/33/2024.
The buyback involved shares from both Lucky Core Industries and Tariq Glass Industries Limited, yet Lucky TG remains a subsidiary, with Lucky Core Industries retaining 51% of its share capital post-transaction. This strategic move consolidates Lucky Core’s control over Lucky TG, ensuring it maintains its majority stake.
The completion of this transaction has been communicated to TRE Certificate Holders of the Exchange to maintain transparency and adherence to regulatory requirements.