Boards of AHCL and AHL approve ‘Buy-Back’ of shares

KARACHI: The Board of Directors of Arif Habib Corporation Limited (AHCL) and Arif Habib Limited (AHL) separately held emergent Board meetings today and approved buy-back of shares of their respective companies through tender offer, a company statement said here on Monday.

AHCL’s Board of Directors has approved a proposal to buy-back its own fully paid-up ordinary shares of face value of Rs 10 from shareholders of the company at a price of Rs 27 per share, aggregating up to Rs  1,225,125,000 and up to a maximum of 45,375,000 shares.

While, AHL’s Board of Directors has approved a proposal to buy-back its own fully paid-up ordinary shares of face value of Rs  10 from shareholders of the company at a price of Rs 35 per share, aggregating up to Rs 231,000,000 and up to a maximum of 6,600,000 shares.

Arif Habib Corporation Limited and Arif Habib Limited are the first two companies to have announced and approved buying back of shares following the Securities and Exchange Commission of Pakistan’s (SECP)’s approval of the Listed Companies (Buy-Back of Shares) Regulations, 2019, ten days ago.

AHCL’s buy-back price is at a premium of 43 per cent and AHL’s buy-back price is at a premium of 15 per cent of the market price per share prior to the notification of the Board meeting on May 29.

The purchases will start in the second week of July 2019 and will terminate at the end of the first week of August 2019.

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