KARACHI: Suzuki Motor Corporation (SMC), the parent company of Pak Suzuki Motor Company Ltd, has agreed to purchase the ordinary shares of PSMCL at a buyback price of Rs609 per share for delisting.

In a stock filing, the company said that the above deal is subject to the purchase of at least 13,915,775 ordinary shares (62.84 per cent) out of 21,145,760 ordinary shares outstanding with the shareholders other than minority shareholders to qualify for delisting as approved by the Voluntary Delisting Committee (VDC) of the Pakistan Stock Exchange.

On Monday, the VDC of the PSX had decided to determine the minimum buyback price of Rs609 per share as against Rs406 offered by PSMCL for delisting.

Separately, Johnson and Phillips Pakistan Ltd (JPPL) has announced to delist from the PXS upon completion of all regulatory requirements.

In a stock filing on Thursday, the company resolved that the sponsors of the company are hereby authorised to purchase 545,983 ordinary shares of the company having a face value of Rs10 each at a buyback price of Rs160 as determined and approved by the VDC.

Published in Dawn, January 19th, 2024