KARACHI: The board of directors of Arif Habib Corporation Ltd (AHCL) and Arif Habib Ltd (AHL) in separate meetings approved buy-back of shares of their respective companies throu­gh tender offer.

They were the first ones to announce buy back under the Securities and Exchange Commission of Pakistan Regulations. According to notices to the exchange, AHCL’s board appr­oved a proposal to buy back its shares of face value of Rs10 from shareholders at Rs27 per share, aggregating up to Rs1.225bn and up to a maximum of 45,375,000 shares.

Meanwhile, AHL’s directors nodded the approval to buy back from shareholders at a price of Rs35 per share, aggregating up to Rs231 million and up to a maximum of 6,600,000 shares.

AHCL’s buyback price is at a premium of 43pc and AHL’s 15pc of the market price per share prior to the notification of the board meetings on May 29. The companies notified that the purchases will start in the second week of July and terminate at the end of the first week of August.

The SECP had notified Listed Companies “(Buy-back of Shares) Regulations, 2019” on May 23 after a series of meetings with stakeholders.

Published in Dawn, June 4th, 2019