SPEL to buyback 9.98mn shares

MG News | March 24, 2023 at 12:03 PM GMT+05:00

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March 24, 2023 (MLN): The shareholders of Synthetic Products Enterprises Limited (PSX: SPEL) on Friday accorded to purchase/buyback up to a maximum of 9.98 million shares, constituting 5% of the issued and paid-up ordinary shares of the face value of Rs5 each of the company at the current share price prevailing during the purchase period.

It was also resolved that the ordinary shares purchased pursuant to these resolutions be held as Treasury Shares in accordance with the requirements of the law.

Accordingly, the purchase/buy-back by the company of its issued ordinary shares shall be made through the Securities Exchange (Pakistan Stock Exchange Limited) by utilizing the distributable profits of the company.

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