Karachi: Habib Sugar Mills Limited (HABSM) has decided to buy back up to 15,000,000 ordinary shares through bourse, it said in notice to Pakistan Stock Exchange (PSX). Company added that these shares, having face value of Rs 5 each, constitute up to 10 percent of current issued and paid up share capital of company.

“Board of Directors of Habib Sugar Mills Limited, in its meeting held on December 23 has approved and decided to recommend to members of company for their approval by passing of special resolutions, purchase/buy-back of up to 15,000,000 issued ordinary shares of company (constituting 10 percent of current issued ordinary share capital) of face value of Rs 5 each, by company in accordance with Section 88 of Act,” read statement.

HABSM said that purpose of purchase was cancellation of shares, which shall be purchased from time to time at spot/current price acceptable to company prevailing during purchase period.

“Company will utilise its internally generated cash flows and ensure availability of funds for purchase/buy-back of shares,” it said. BoD said that proposed buy-back of shares will have positive impact on financial position of company.

Published in The Daily National Courier, December, 27 2023

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