The Board of Directors of National Bank of Pakistan (NBP) in a meeting held here on Friday decided to move forward with the process of buy back of NBP's own shares. In this connection, the board decided that a consultant would be appointed to advise the bank and take the process further.
However, analysts said the process to buy back shares will take two months, as the bank will has to float a tender and also it will has to appoint a consultant. NBP had sold its 10 percent shares at Rs 10 per share, 7 percent shares at Rs 27 per share while the remaining 7 percent shares at Rs 47 per share.
The share price of NBP has fallen by 30 percent during the last six weeks to Rs 93.02 on September 12, 2008 from Rs 133 per share on July 25, 2008. NBP and OGDC are the two public sector listed companies, that had announced to buy back their shares to support the market and according to analysts more companies from both public and private sectors are likely to announce buy back of their shares soon.
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