MLCF buybacks 2mn ordinary shares via PSX

MG News | May 30, 2022 at 10:53 AM GMT+05:00

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May 30, 2022 (MLN): Maple Leaf Cement Factory Ltd (MLCF) has purchased 2 million ordinary shares of the company in today’s trading session at Pakistan Stock Exchange (PSX) to increase earnings per share, the company’s filing on the bourse showed today.

Earlier, in a notice to Exchange, the company informed that it is going to buy back up to 25 million of its own shares, having a face value of Rs10 each, during a 90-day period i.e., between May 26 and August 15, 2022.

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

Further, it will also provide an opportunity for exit to those members who wish to liquidate their investments at a reasonable price.

The purchase will have a positive effect on the financial position of the company as it will improve EPS, future dividends and break-up value of the company's share, the company said.

At the time of reporting this, the company’s stock is trading at a price of Rs27.95 which is Rs0.36 or 1.30% higher than yesterday’s price.

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