The Board of Directors of Lucky Cement Limited, in its meeting held on April 28, 2023, has approved and decided to recommend to the members of the Company for their approval by passing of special resolutions, the purchase/buyback of up to 23,800,000 (Twenty-Three Million Eight Hundred Thousand) issued ordinary shares of the Company (constituting approximately 7.50% of the current issued and paid up share capital of the Company), of the face value of PKR 10/- (Pak Rupees Ten), each by the Company by Section 88 of the Act read with the Regulations, subject to, inter alia, obtaining the requisite from the members of the Company.
According to the notification of the Company sent by GM Finance and Company’s secretary Faisal Mahmood to the Pakistan Stock Exchange (PSX), the buyback will be purchased from June 06 to November 20, 2023, from its distributable profit of the Company at market price.
Lucky Cement is one of Pakistan’s largest producers and leading exporters of quality cement and is listed on the Pakistan Stock Exchange (PSX). The company has also issued Global Depository Receipts (GDRs), listed and traded on the Professional Securities Market of the London Stock Exchange.
Over the years, the Company has grown substantially. It is expanding its business operations with production facilities at strategic locations in Karachi to cater to the Southern regions and Pezu, Khyber Pakhtunkhwa, to furnish the country’s Northern areas. Lucky Cement is Pakistan’s first company to export sizeable quantities of loose cement, being the only cement manufacturer with its own loading and storage terminal at Karachi Port.
Lucky Cement strives to remain an efficient and low-cost producer. It pioneered introducing and installing Waste Heat Recovery and Refuses Derived Fuel (RDF) and Tyre Derived Fuel (TDF) Plants in Pakistan. It also has a self-sufficient Captive power generation facility of 180 MW and supplies additionally generated electricity to support the National grid. Lucky Cement owns a fleet of Bulkers & Trailers, which gives an added advantage in terms of logistics and efficient deliveries to all types of customers spread across the length and breadth of the country. (Website information)
According to AKD Research, Lucky Cement commissioned its Pezu capacity expansion of 3.15Mta in late Dec’22 in KPK, with a total cement capacity of 15.3Mta, holding its mark as the largest cement producer of Pakistan.