Karachi, Synthetic Products Enterprises Limited has announced the buy-back of its own shares on the Pakistan Stock Exchange Limited. The company has purchased 125,500 shares at an average price of 11.25 PER on May 5, 2023.
This buy-back follows a resolution passed by the members of the company on March 24, 2023, and is in compliance with the Buy-Back of Shares Regulations, 2019. The details of the purchase have been communicated to the Pakistan Stock Exchange Limited.
A buy-back of shares allows a company to repurchase its own shares from the open market. It can be a strategic move to improve shareholder value, reduce the number of shares outstanding, and increase earnings per share. It can also signal to the market that the company has confidence in its future growth prospects.
