Engro Corporation Limited (ENGRO): Largest Buyback so far – By Sherman Research

<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">In a series of recent buybacks at PSX, Engro Corporation Limited (ENGRO) has also announced to buyback up to 70mn shares before July 25, 2023. This is so far the biggest share buyback in terms of value (Rs19bn at current price) and second in terms of free float percentage (22%).</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Given distressed share prices at PSX amid weakening of macros, the group is interested to buy back its own companies and shares. To recall, Dawood Hercules Corporation (DAWH) which is ENGRO&rsquo;s holding company, also announced to invest Rs5.3bn in its group companies a few months back.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:m...