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.
📢 Announcement: We're Moving to Discord – Join Us There!
Hi everyone! 👋
To improve your experience and offer additional features, we’re moving our community from WhatsApp to Discord!
Here’s what you’ll get on Discord:
✅ Research Reports Channel – Access a regularly updated compilation of valuable research reports
✅ PSX24/7 Bot – Ask anything about the PSX and get instant insights powered by KSEStocks historical data
✅ Organized Channels – Separate spaces for discussions, news, reports, and more
✅ Better Notifications – Control what you see and when
✅ Smoother Interaction – Easier to follow and participate in conversations
✅ Organized trading ideas - trading ideas that you can discuss and keep track ofJoin now 👉 https://discord.gg/kST9hWjS
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.
⚠️ This post reflects the author’s personal opinion and is for informational purposes only. It does not constitute financial advice. Investing involves risk and should be done independently. Read full disclaimer →
Don't miss:
- Which cars are driving the rally in auto stocks?
- Is DGKC going to Rs. 240?
- Why TPLP could go higher.
Leave a Reply