Lucky TG (Private) Limited, a subsidiary of Lucky Core Industries Limited (LCI) has completed a share buyback from LCI and Tariq Glass Industries Limited (TGL).
Lucky TG is a joint venture company of Lucky Core Industries Limited (LCI) and Tariq Glass Industries Limited (TGL).
“The buyback process initiated by LTG for a proportion of its shares was completed on July 23, 2024, under Section 88 of the Companies Act, 2017 and the relevant provisions of Chapter IX of the Companies Regulations, 2024,” the company disclosed this in a notice to the Pakistan Stock Exchange (PSX) under Sections 96 and 131 of the Securities Act, 2015.
“Despite the buyback, LTG remains an associated company of TGL, as TGL retains a 49% equity share in LTG following the buyback,” read the notice.
This financial manoeuvre was conducted in accordance with Section 88 of the Companies Act, 2017 and related provisions, aimed at enhancing operational efficiencies and shareholder value within the venture.
On May 30, the Board of Directors of Lucky TG (Private) Limited (LTG) granted their approval to buy back/purchase its shares.
Lucky TG was incorporated to set up a float glass manufacturing facility with a production capacity of up to 1,000 metric tons per day. The facility was intended to be set up in two phases having a production capacity of 500 metric tons per day each with an expectation that the first phase of the facility would become commercially operational during FY 2024-25.
