Karachi, Kohat Cement Company Limited, a leading player in the cement industry, has released a comprehensive statement detailing its recent endeavors in accordance with a special resolution passed by its members on February 21, 2023. The statement outlines the company's actions regarding the buy-back and subsequent cancellation of 5 million ordinary shares, further reinforcing its commitment to strategic financial management.
Initiating the buy-back process in alignment with the Regulations 4(2) and 10(b) of the Listed Companies (Buy-Back of Shares) Regulation, 2019, Kohat Cement Company Limited made a public announcement on February 22, 2023. The buy-back covered up to 5 million issued ordinary shares of the company, each with a face value of Rs. 10, during a purchase period that commenced on March 01, 2023.
The company effectively carried out this buy-back initiative from March 01, 2023, until August 3, 2023. Over this period, Kohat Cement successfully reacquired 5 million ordinary shares, each with a face value of Rs. 10. The shares were bought back through reputable brokerage firms.
The breakdown of shares bought back and payments made to the respective brokers is as follows:
Foundation Securities Limited: 2,845,997 shares amounting to Rs. 505,958,653
Topline Securities Limited: 2,052,203 shares amounting to Rs. 347,177,932
AKD Securities Limited: 101,800 shares amounting to Rs. 16,809,991
The company confirmed that the 5 million ordinary shares bought back were initially registered in the name of Central Depository Company (CDC) in the company's member register. Currently, these shares are held in Investor Account No. 03525-124356 maintained with Central Depository Company of Pakistan Limited (CDC) as part of a dedicated account established for the buy-back purposes.
As a result of this successful buy-back and the subsequent cancellation of the 5 million ordinary shares, Kohat Cement Company Limited's revised paid-up capital now stands at Rs. 195,861,297, comprising fully paid ordinary shares each with a face value of Rs. 10. This strategic financial move underscores the company's commitment to enhancing shareholder value and optimizing its capital structure.