MLCF board proposes to shareholders to purchase/ buy-back up to 25m shares

KARACHI: The board of directors of Maple Leaf Cement Factory Limited (MLCF) has recommended to the shareholders to purchase/buy-back up to a maximum of 25 million issued ordinary shares of the face value of Rs 10 each by the company at the spot/current share price.

The company’s board of directors has decided to call an Extraordinary General Meeting of the members on May 17 in Lahore to seek approval of the proposal to purchase shares by passing a special resolution, material information sent to the Pakistan Stock Exchange said.

The shares transfer books of the company will remain closed from May 11 to May 17, 2022.

The board of directors also announced financial results of the company for the third quarter of FY22 ended on March 31, 2022. According to the financial results, the company’s profit after tax increased to Rs 1.563 billion, translating into earning per share of Rs 1.42 as compared to PAT of Rs 1.223 billion with EPS of Rs 1.11 in the corresponding period in FY21.

The company’s net sales increased to Rs 11.990 billion in this quarter against Rs 9.457 billion in the same period last year.

The company’s profit after tax for the first nine months ended on march 31, 2022 increased to Rs 4.320 billion (EPS Rs 3.93) against PAT of Rs 2.848 billion (EPS Rs 2.59) in the same period last year.

Copyright Business Recorder, 2022