Habib Sugar Mills to buy back 15m shares

MG News | December 26, 2023 at 11:39 AM GMT+05:00

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December 26, 2023 (MLN): The Board of Directors (BoD) of Habib Sugar Mills Limited (PSX: HABSM) has approved and decided to recommend the purchase/ buy-back of up to 15 million issued ordinary shares of the face value of Rs5 each, said a notice issued by the company today.

The proposed recommendation will be subject to approval by the members of the company by passing of special resolutions,

HABSM is engaged in the manufacturing and marketing of refined sugar, ethanol, liquidified carbon dioxide (CO2), household textiles, providing bulk storage facilities, and trading of commodities.

The proposed buy-back of shares will have a positive impact on the financial position of the company, the notice said.

This will also improve the Earning per Share (EPS) as well as the break-up value of the company's shares.

Further, it will provide an opportunity of exit to those shareholders who wish to liquidate their investments, it added.

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