TPL properties to buy back 50m shares

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By MG News | June 14, 2023 at 02:40 PM GMT+05:00

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June 14, 2023 (MLN): TPL Properties Limited (PSX: TPL) intends to initiate a share buy-back program, as revealed during the recent meeting of the company's Board of Directors (BoD) held today.

The BoD has recommended the buy-back of a maximum of 50 million ordinary shares of TPL, each with a face value of Rs10.

The purpose of this buy-back program is to cancel the purchased shares. The transaction will be conducted through the Pakistan Stock Exchange Limited.

The Board believes that this buy-back program will have a positive impact on the company's future financial position, including the break-up value of its shares and the Earnings per Share (EPS).

Additionally, it will provide an exit opportunity for shareholders who wish to liquidate their investment, either fully or partially.

It is estimated that the proposed buy-back will represent approximately 8.77% of the total outstanding shares of TPL.

The purchase price will be determined based on the spot/current rate, as per the regulations outlined in the Listed Companies (Buy-Back of Shares) Regulations, 2019.

The buy-back period is set to commence on August 02, 2023, and conclude on January 29, 2024, or until the purchase is fully completed, whichever comes earlier.

TPL will finance the buy-back using distributable profits in accordance with Section 88(8) of the Companies Act, 2017.

This recommendation by the (BoD) will be put forth to the members and shareholders of TPL for approval through special resolution.

Copyright Mettis Link News 

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