Lucky TG concludes share repurchase from LCI, TGL
MG News | July 24, 2024 at 03:24 PM GMT+05:00
July 24, 2024 (MLN): Lucky TG (Private) Limited (Lucky TG), a subsidiary of Lucky Core Industries Limited (PSX: LCI)) has completed the process of buying back its shares from thecompany and Tariq Glass Industries Limited (PSX: TGL).
The buy-back of shares was completed on July 23, 2024, in accordance with Section 88 of the Companies Act, 2017 read with the Companies Regulations, 2024.
Lucky TG remains a subsidiary of LCI, with LCI maintaining a 51% stake in Lucky TG following the buyback.
Meanwhile, Lucky TG continues to be an associated company of TGL, as TGL retains a 49% stake in Lucky TG despite the share repurchase.
It is worth noting that market participants were informed of this progress by both LCI and TGL through their filing on the Pakistan Stock Exchange (PSX) today.
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