KARACHI: The Voluntary Delisting Committee (VDC) of the Pakistan Stock Exchange (PSX) has determined a minimum buyback price of Rs609 per share as against Rs406 offered by Pak Suzuki Motor Company Ltd (PSMCL) for delisting.
PSX in its announcement said that the voluntary delisting application of the PSMCL was considered on Monday. The committee had determined the minimum buyback price after detailed discussions with the representatives of the sponsor and after taking into account all relevant aspects under the applicable regulations.
The sponsor of PSMCL is required to convey its acceptance of the purchase price determined by the PSX committee within 10 days. The voluntary delisting of the company is subject to receipt of acceptance from the sponsor and fulfilment of relevant requirements by the company.
On Oct 19, 2023, PSMC informed that the board had approved the purchase of all outstanding shares of PSMC held by minority shareholders and delisting under rule 5.14 of the listing regulation.
The auto assembler had informed the PSX on Dec 4, 2023 that it had an authorised share capital of Rs5 billion divided into five hundred million ordinary shares of Rs10 each of which 82.299m ordinary shares of the aggregate nominal value of Rs822m were issued and fully paid up.
The leading auto assembler had cited multiple reasons for delisting which include the intention of the sponsor and majority shareholder, Suzuki Motor Corporation Japan (SMC) to obtain full ownership of the company by purchasing all outstanding shares held by minority shareholders to increase ownership and to consider delisting of the company from PSX.
Published in Dawn, January 16th, 2024
