Karachi, In a significant development, Thatta Cement Company Limited has announced its intention to buy back up to 15,000,000 issued ordinary shares of the company, representing approximately 15.04% of its current issued and paid-up share capital. This decision was made during the company's Board of Directors meeting held on September 26, 2023.

Thatta Cement Company Limited, in accordance with the provisions outlined in Sections 96 and 131 of the Securities Act, 2015, Section 88(7) of the Companies Act, 2017, Regulation 10(a) of the Listed Companies (Buy-Back of Shares) Regulations, 2019, and clause 5.6.1 of the Rule Book of the Pakistan Stock Exchange Limited, will be recommending this buy-back plan to its members. The recommendation will be subject to approval by passing special resolutions during an upcoming meeting of the company's members.

The buy-back will involve the purchase of ordinary shares with a face value of PKR 10/- (Pak Rupees Ten) each. Thatta Cement Company Limited aims to execute this buy-back in compliance with Section 88 of the Companies Act, 2017, read in conjunction with the pertinent regulations. However, the company highlights that the final execution of this plan is contingent upon obtaining the requisite approval from its members.

This strategic move by Thatta Cement Company Limited is expected to have a notable impact on the company's shareholding structure and financial position. The decision to buy back shares underscores the company's commitment to enhancing shareholder value and its confidence in its long-term growth prospects.

The buy-back proposal will be presented to the members of Thatta Cement Company Limited at an upcoming special meeting, and further details about the execution of the plan will be disclosed following the members' approval.

Investors and stakeholders will be closely watching the developments, as this buy-back initiative is poised to have implications for the company's stock performance and overall corporate strategy.