KARACHI, July 22: Parke-Davis & Company Limited conveyed its acceptance of buy-back price of Rs1,455 per share, to the stock exchange on Friday.

The company has sought to purchase minority shareholders’ stake in the company and exit the stock exchange. In accordance with the requirements of Listing Regulation No.32-D (iv), the company said it accepted the re-purchase price as approved by the Voluntary Delisting Committee of the KSE.

On the KSE, the share in Parke-Davis — the drug firm - is currently tagged at Rs1,315 for a 10-rupee share, which is perhaps the highest price of any quoted scrip on the bourse. But the price of the share has less to do with the company’s performance and profitability and more to the illiquidity of the scrip.

The company maintains a tiny paid-up capital of Rs19.6 million in 196 million shares of Rs10 each. It could not immediately be confirmed how many of those shares were in the hands of the small shareholders, but those ought to be minuscule, considering that the parent company and local directors must also be holding substantial part of the equity. Like most multinational pharmaceutical firms listed on the KSE, the trading in the company stocks is just about insignificant. Only 5,000 shares in Parke-Davis came up for trading in the first six months (Jan-June) of the current year.