Karachi, June 3, 2019: The Board of Directors of Arif Habib Corporation Limited (AHCL) and Arif Habib Limited (AHL) in separately held emergent Board meetings today approved buy-back of shares of their respective companies through a tender offer.
AHCL’s Board of Directors has approved a proposal to buy-back its own fully paid-up ordinary shares of the face value of Rs.10 from shareholders of the company at a price of Rs. 27 per share, aggregating up to Rs. 1,225,125,000 and up to a maximum of 45,375,000 shares.
While AHL’s Board of Directors has approved a proposal to buy-back its own fully paid-up ordinary shares of the face value of Rs.10 from shareholders of the company at a price of Rs. 35 per share, aggregating up to Rs. 231,000,000 and up to a maximum of 6,600,000 shares.
Arif Habib Corporation Limited and Arif Habib Limited are the first two companies to have announced and approved buying back of shares following the Securities and Exchange Commission of Pakistan’s (SECP)’s approval of the Listed Companies (Buy-Back of Shares) Regulations, 2019, ten days ago.
AHCL’s buy-back price is at a premium of 43 percent and AHL’s buy-back price is at a premium of 15% of the Market price per share prior to the notification of the Board meeting on May 29.
The purchases will start in the second week of July 2019 and will terminate at the end of the first week of August 2019.
