TGL and LCI announce share buyback amid LTG project delay

In a notification sent to the PSX on 30/05/2024, Tariq Glass Industries Limited (TGL) and Lucky Core Industries Limited (LCI) announced share buyback and updates on their joint venture,

Tariq Glass Industries Limited (TGL) and Lucky Core Industries Limited (LCI) joined to established status of Lucky TG (Private) Limited (LTG), a joint venture between them. A float glass manufacturing facility with a production capacity of up to 1,000 tons per day. However, due to the challenging economic conditions in the country, the project has been delayed.

As a result, the Board of Directors of LTG has approved a buyback of shares in line with Section 88 of the Companies Act 2017 and relevant provisions of the Companies Regulations 2024, subject to necessary approvals. The buyback will be proportionate to each company’s current shareholding, with TGL retaining its 49% stake and LCI retaining its 51% stake after the buyback.

Both companies remain committed to completing the project when economic conditions improve.

TGL and LCI shares were last trading at Rs. 113.00 and Rs. 915.00 today.