A Lahore-based stockbroker and investment banker has acquired 10.8 percent voting shares in Buxly Paints Limited, one of the largest paint companies in Pakistan.
An official notification of the Pakistan Stock Exchange (PSX) said, “It is notified to them pursuant to section 110 (1) of the Securities Act, 2015 that a local business owner, has acquired 10.8 percent voting shares @ Rs247.63/- per share (CDC electronic shares) on August 27, 2021, of Buxly Paints Limited.
“On account of his transaction, my total shareholding in the company is 158,000 voting shares which represent 10.97% of the total cost issued voting share of the company as my previous holding in the company was 117,500 shares,” the document further stated.
Buxly Paints Limited is a household name in Pakistan. The company first started manufacturing paints way back in 1933 in Indian, Hyderabad. After the partition in 1947, the family moved to Pakistan where the founder Rahim Bux established the country’s first paint factory by the name of Buxly Paint Works.
The company was incorporated in Pakistan in April 1954 as a private limited company under the Companies Act 1913, with a registered office in Karachi, and subsequently converted into a public limited company in May 1985. Its shares are listed on all stock exchanges of the country.