Proposal for buy back of shares not be amended: Securities and Exchange Commission

The Securities and Exchange Commission of Pakistan (SECP) yesterday said that proposal for buy back of shares shall not be amended. In a statement, SECP has directed the companies listed on Stock Exchanges of Pakistan that proposal for buy back of shares, once approved by the shareholders of the company in a general meeting, shall not be amended.
It further said that the proposal will also not postponed, withdrawn or canceled. In addition to this, listed companies shall be required to issue tender notice for purchase of shares within thirty (30) days after approval of shareholders. It said that such purchase shall be required to be completed within thirty (30) days of the tender notice. The said period shall not be rolled over or extended. This direction is given, keeping in view, the best interest of the shareholders and market at large and will ensure that board of directors of listed companies make prudent and premeditated decision for buy back of shares, it added.

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