Karachi, Habib Sugar Mills Limited has successfully completed a share buyback, resulting in a reduction of the company’s paid-up capital. The statutory auditor confirmed that the buyback and subsequent cancellation of 15 million shares were conducted in line with regulatory procedures.

According to information available from the Pakistan Stock Exchange (PSX), the auditor’s certificate outlined the completion of various compliance and verification steps as part of the buyback process, which involved the payment of Rs 1,122.45 million to the brokerage overseeing the transaction. Before the cancellation of shares, the company’s paid-up capital consisted of 150 million fully paid ordinary shares, each with a face value of Rs 5, as recorded on April 26, 2024.

Following the share cancellation, the company’s revised paid-up capital now stands at 135 million shares. The shares bought back were registered under the Central Depository Company (CDC), confirming their removal from the company’s official share count. This financial adjustment aims to enhance shareholder value and streamline the capital structure, as indicated by the management’s strategic goals.

The certificate further restricts the use of its details, stating it is intended solely for compliance submission to the CDC under the stipulated guidelines for share buybacks. This action reflects a controlled and strategic approach to capital management within Habib Sugar Mills, aligning with broader financial planning and regulatory compliance.

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