Arif Habib Ltd to buy-back up to 6.6 million of its ordinary shares

MG News | June 03, 2019 at 02:11 PM GMT+05:00

0:00

June 3, 2019 (MLN): Arif Habib Limited has decided to purchase (buy-back) up to 6.6 million of its ordinary, issued shares which have a face value of Rs.10 each at a purchase price of Rs.35 per share.

At the company’s board of directors meeting held earlier today, it was decided that the aforesaid would be recommended to the shareholders for their approval.

It would further be put up for approval that the purchase shall be made within 30 days starting from Tuesday, July 9, 2019 and ending on Wednesday August 7, 2019 (both days inclusive).

As per the relevant notice issued to the Pakistan Stock Exchange, the Rs.231 million have been allocated for this action, and the purchase shall be made in cash and out of distributable profits.

This purchase/buy-back is expected to improve the company’s earning per share and will also result in improved dividends per share.

Moreover, it will provide an opportunity of exit to the members who wish to liquidate their investments.

An Extraordinary General Meeting will take place on July 3, 2019 by the shareholders in connection with this proposed purchase.

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