Karachi: JS Investments Limited plans to buy back up to 4.63 million shares, which accounts for 7.5% of its total outstanding shares, with the purchase running from October 21, 2024, to December 20, 2024. The announcement was made during a board meeting held by the company on September 11, 2024, according to a public disclosure on PUCARS.
The company's board of directors has approved the share buy-back, which will proceed at the current market price during the designated purchase period. The shares will be held as Treasury Shares upon acquisition. This strategic move is intended to boost the company's break-up value and earnings per share, providing an exit opportunity for shareholders wishing to liquidate their investments.
According to information available from the Pakistan Stock Exchange (PSX), the board's decision also involves a recommendation to the shareholders to approve the buy-back by a special resolution during an Extraordinary General Meeting scheduled for October 14, 2024, in Karachi. The notification for this meeting will be disseminated through PUCARS shortly.
JS Investments, a subsidiary of JS Bank Limited, has noted that the share transfer books of the company will be closed from October 7 to October 14, 2024. Transfers received by the company’s share registrar, M/s CDC Share Registrar Services Limited, Karachi, by the close of business on October 11, 2024, will be eligible for entitlement determination regarding the meeting participation.
The proposed share buy-back aligns with the regulatory frameworks set by the Securities Act, 2015, the Companies Act, 2017, and the Listed Companies (Buy-Back of Shares) Regulations, 2019. Certificate holders of the exchange have been advised to update their records to reflect the upcoming changes.