Regulatory Alerts2022-09-06
Added · Updated
Amendments to the Listed Companies (Buy-Back of Shares) Regulations, 2019
The Securities and Exchange Commission of Pakistan amends the Listed Companies (Buy-Back of Shares) Regulations, 2019, by omitting several definitions and provisions while substituting others to refine buy-back procedures. Key changes include extending the timeline for public announcement from thirty to forty-five days, restricting the purchase period to a maximum of 180 days, and mandating the use of specific investor accounts and blocked shares with the Central Depository Company. The amendments also update eligibility criteria for participants, allow treasury shares to be sold to employees under special resolution, and introduce a proviso permitting subsequent buy-backs if a 25% free float is maintained.
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