Nishat Chunian Ltd resolves to buy back 32 million shares

MG News | September 02, 2019 at 11:10 AM GMT+05:00

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September 2, 2019 (MLN): The Board of Directors of Nishat Chunian Limited, in its Extraordinary General Meeting held on August 31, 2019, has passed a modified special resolution for the purchase (Buyback) of its 32 million shares at a price of Rs. 34 per share.

The Board has further resolved that the ordinary shares purchased pursuant to this special resolution shall be cancelled, and the issued and paid up share capital shall accordingly be reduced by the aggregate face value of the canceled shares.

A notification sent out on Monday further informed that the purchase (buyback) by the company of its issued ordinary shares shall be made through a tender offer by utilizing Rs. 1.088 billion out of the distributable profits of the company and the purchase period shall be for 30 days commencing from September 9, 2019 to October 8, 2019 (both days inclusive).

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