May 17, 2022 (MLN): The shareholders of Maple Leaf Cement Factory (MLCF), in their meeting held today have accorded their approval to purchase/ buyback of upto 25 million ordinary shares of the company.
According to the company’s notice to bourse, the shares will be purchased through PSX up to a maximum of 25 million issued ordinary shares of the face value of Rs10/-each at the spot / current share price prevailing during the purchase period.
The shareholders further resolved that the ordinary shares purchased pursuant to this special resolution be and are hereby cancelled and issued and paid-up share capital shall accordingly be reduced by the aggregate face value of the cancelled shares.
It was resolved that the purchase / buy-back by the Company of its issued ordinary shares shall be made through Securities Exchange (Pakistan Stock Exchange Limited) by utilizing the distributable profits of the Company and the purchase period shall be for 90 days commencing from May 26, 2022 and ending on August 15, 2022 (both days inclusive) or if the purchase / buy-back by the Company of its issued ordinary shares is completed before August 15, 2022, the purchase period shall end on that date.
To note, the stock price of the company witnessed a decline of 22% or Rs7.93 since January 2022 to date and currently stands at Rs28.02 per share.
