Karachi: Kohinoor Textile Mills Limited (KTML) said that its board has approved buyback of up to 30 million issued ordinary shares of company. Shares constitutes approximately 10.02 percent of company’s total outstanding shares and as per current stock price are worth approximately Rs 1.48 billion. KTML shared development in notice to Pakistan Stock Exchange.

“Board of Directors of Kohinoor Textile Mills Limited has accorded approval to company, subject to approval of shareholders by way of special resolution in order to purchase/buy-back of its own shares through Pakistan Stock Exchange Limited upto maximum of 30,000 000 constituting 10.023 percent of issued ordinary shares of face value of Rs 10 each at spot/current share price prevailing during purchase period in cash and out of distributable profits of company,” read PSX notice.

KTML was among shares that were positive gaining Rs 3.45 or 7.5 percent to be trading at Rs 49.45, likely on account of development.

Published in The Daily National Courier, February, 07 2023

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