Karachi July 6 2022: Maple Leaf Cement Factory Limited (MLCF) informed that the approved quantum of the purchase/buy-back of 25,000,000 issued ordinary shares of the Company at the quoted / current price during the purchase period through Pakistan Stock Exchange Limited has been completed today as of July 05, 2022, according to company filling to the exchange.
Earlier, on 27th May company has bought 2,000,000 shares of the company as part of its buy back effort , according to company filling at exchange.
Maple Leaf Cement Factory Limited (MLCF) by way of Special Resolution have accorded approval to the Company to purchase/buy-back of its own shares through Pakistan Stock Exchange Limited upto a maximum of 25 million issued ordinary shares of the face value of Rs. 10/- (Rupees Ten) according to the company filling to the exchange.
The price of the company stock drop 27.54% since start of the year on rising raw material prices and decrease in cement dispatches.
The shares will be purchased each at the spot / current share price prevailing during the purchase period in cash and out of distributable profits of the Company for cancellation purpose under Section 88 of the Companies Act, 2017 read with the Listed Companies (Buy-Back of Shares) Regulations, 2019.
Maple Leaf Cement Factory Limited was incorporated in Pakistan on 13 April 1960 under the Companies Act, 1913 (now the Companies Ordinance, 1984) as a public company limited by shares. The principal activity of the Company is production and sale of cement. The Company is a subsidiary of Kohinoor Textile Mills Limited (“the Holding Company”).
