February 06, 2023 (MLN): The board of directors of Kohinoor Textile Mills Limited (KTML) on Monday announced that the company will buy back its 30 million shares from the market, a notice issued by PSX showed.

The face value of shares is Rs10 each and consists of 10.023% of the company’s total outstanding shares.

The company will buy back shares at the spot/current share price prevailing during the purchase period, the notification read.

The reduced capital would consolidate equity which will improve earnings per share, future dividends, and break-up value of the company's shares subsequent to the purchase of shares.

It will also provide an opportunity to exit to those members who wish to liquidate their investments at a reasonable price.

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Posted on: 2023-02-06T16:16:45+05:00