Karachi, Kohinoor Textile Mills Limited (KTML) has successfully completed the buy-back of its own shares, in compliance with Regulation 4(5) and Schedule-IV of the Listed Companies (Buy-Back of Shares) Regulations, 2019. The company provided detailed information regarding the buy-back process, including the number of shares accepted and the criteria used for acceptance.
According to the provided information:
(viii) The total number of shares tendered for sale was not applicable, as the purchase was made through the automated trading system of the Pakistan Stock Exchange Limited (PSX).
(ix) KTML accepted a total of 29,997,000 shares.
(x) The acceptance of shares was carried out through the automated trading system of the PSX.
(xi) The aggregate purchase price for the 29,997,000 ordinary shares of the company was Rs. 1,775,248,988. These shares were acquired at the spot/current share price(s) prevailing during the purchase period.
(xii) The number of treasury shares remained nil.
(xiii) All 29,997,000 purchased shares were canceled as part of this buy-back process.
The buy-back was executed on September 7, 2023, in Lahore, demonstrating KTML's commitment to optimizing its capital structure and enhancing shareholder value.
Additionally, Kohinoor Textile Mills Limited provided a date-wise detail of the buy-back transactions that occurred throughout the process. The shares were purchased at varying rates per share, reflecting the prevailing market conditions at the time of each transaction.
KTML's successful buy-back reflects its strategic approach to managing its shareholding and financial resources, further positioning the company for growth and future opportunities in the textile industry.