SECP circular for COS, re-purchase of their own shares

Posted on May 6, 2009

KARACHI: Security and Exchange Commission of Pakistan (SECP), while making procedure for companies, re-purchase of their own shares, has issued circular here. SECP officials said that the circular aims at making the process of re-purchase of shares transparent. Three-fourth of the company’s Board of Directors, approval would be necessary for re-purchase of shares beside publicity in at least two daily newspapers would be required for this purpose, said the circular. The purchase of shares would be made through the automated system of stock exchange and independent purchase agent would be appointed for making it transparent.