Lucky to buy back 23.8m more shares.

KARACHI -- Lucky Cement Ltd said in a regulatory filing with the Pakistan Stock Exchange on Thursday that it'll purchase 23.8 million of its shares in a second buyback starting next Friday (June 2).

The buyback exercise, which will be carried out using the firm's distributable profits, will continue until Nov 20. Afterwards, the cement maker will cancel the shares, which constitute about 7.6 per cent of the current paid-up capital of the company.

At the going rate of Rs477.86 apiece, the exercise will cost the cement maker roughly Rs11.4 billion.

The firm already completed its first buyback, which consisted of 10m shares, in March at a total cost...