KARACHI: Bank Al Falah Limited on Thursday said it is going to buy up to 200 million of its shares at the current price on the stock exchange.
The targeted shares are about 11.25 percent of the total shareholding and 32.15 percent of the free float.
The purpose of the buyback is to cancel the shares which will increase the earnings per share. The purchase period will run from December 14 to June 2, 2023 or the date on which the purchase is completed.
The bank will use its distributable profits to buy back its shares. This exercise will also have a positive impact on the bank’s break-up value and return on equity.
Emirates Group is Returning to Profitability.
In a clear sign that the aviation industry is getting back on its feet after the Covid-19 pandemic, Emirates Group has reported a half-year net profit of $1.2 billion, or AED 4.2bn, for its financial year 2022-23.
The record half-year performance reversed its loss of AED 5.7bn ($1.6bn) for the same period last year, it said in a statement released here.
Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airlines & Group, attributed the “record performance” to the rapid recovery of operations after more countries eased and lifted travel restrictions.
Drone Spray was Launched.
Syngenta Pakistan Ltd has successfully tested drone spraying services on nearly 5,000 acres of local fields. A press release said that this is a first-of-its-kind initiative to provide such precision drone spraying services by a crop protection company in Pakistan.
Zeeshan Haseeb Baig, GM, Syngenta Pakistan, said that drone spraying services are being used globally for application of crop protection products as this technology offers precision, uniformity of spray, effective pest and disease control and farm Provides speed in the works.
