KARACHI: Bank Alfalah Ltd said on Thursday it’s going to buy up to 200 million of its own shares at the price prevailing on the stock exchange.

The targeted shares constitute about 11.25 per cent of the total shareholding and 32.15pc of the free-float.

The purpose of the buyback is the cancellation of shares, which will lead to an increase in the earnings per share. The purchase period will last from Dec 14 to June 2, 2023, or the date on which the purchase is complete.

The bank will use its distributable profits to buy back its shares. The exercise will also have a positive impact on the bank’s break-up value and return on equity.

Emirates Group returns to profit

In a clear sign that the aviation industry is getting back on its feet after the Covid-19 pandemic, the Emirates Group has reported half-yearly net profit of $1.2 billion, or AED 4.2bn, for its financial year 2022-23.

A statement issued here said the record half-year performance showed a turnaround from its AED 5.7bn ($1.6bn) loss for the same period last year.

Sheikh Ahmed bin Saeed Al Maktoum, the chairman and chief executive of Emirates Airline and Group attributed the “record performance” with accelerated operations recovery after more countries eased and removed travel restrictions.

Drone spraying initiated

Syngenta Pakistan Ltd has successfully piloted drone spraying services on approximately 5,000 acres of local farmland. This is a first-of-its-kind initiative whereby such precision drone spray services have been provided by a crop protection company in Pakistan, said a press release.

Drone spraying services are being used globally for application of crop protection products as this technology offers precision, uniformity in spray, effective pest and disease control and speed in farm operations, said Syngenta Pakistan GM Zeeshan Haseeb Baig said.

Published in Dawn, November 11th, 2022