Engro Corporation Limited has purchased an aggregate of 39.5 million issued and paid-up ordinary shares of the company, representing approximately 6.86 percent of the issued and paid-up share capital of the company.

“In compliance with Regulation 10(g) of the Listed Companies (Buy-Back of Shares) Regulations, 2019 (as amended), we hereby inform you that the Approved Buyback by the Company stands completed today,” the company said in a notice to the Pakistan Stock Exchange (PSX).

According to Arif Habib Limited (AHL), the buyback has been completed at a cost of Rs. 11.6 billion (adjusted Rs. 10 billion). The weighted average share price comes to Rs. 293.6 per share (dividend-adjusted Rs. 252.9 per share).

It is pertinent to mention here that in December last year, the Extra-Ordinary General Meeting of Engro Corporation Limited approved the purchase/buy-back of up to an aggregate number of 70 million issued and paid-up ordinary shares of the company.

Source: Pro Pakistani