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HomeBuisnessJohnson & Phillips Pakistan to be delisted from PSX - Markets Pi...

Johnson & Phillips Pakistan to be delisted from PSX – Markets Pi News

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Pi News –

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Electrical appliance manufacturer Johnson & Phillips (Pakistan) Limited (JOPP) has decided to acquire all the shares of the company and delist it from the Pakistan Stock Exchange (PSX).

The listed company disclosed the development in a notification to the stock exchange on Monday.

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“This is to inform all shareholders that the major shareholder(s) of Johnson & Phillips (Pakistan) Limited, Muhammad Anis Mianoor, has decided to purchase all the shares of the company held by others.

“The company’s shareholders have made a special decision on delisting the company,” the report says.

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According to a stock exchange notification, Muhammad Anis Mianoor is offering to buy the company’s shares at Rs 160 per share.

“This purchase price has also been approved by the Pakistan Stock Exchange Limited in accordance with its rules,” it said.

JOPP said the share buyback offer is valid from January 30, 2024 to April 1, 2024, inclusive.

“After this period, it is envisaged that the company will be delisted from the Pakistan Stock Exchange Limited,” the notification said.

On Monday, JOPP’s share price was Rs 160 per share.

Earlier, Suzuki Motor Corporation (SMC), the parent company of Pak Suzuki Motor Company Limited (PSMC), announced that it will buy PSMC shares at an acquisition price of Rs 609 per share, 50% higher than the sponsor’s initial offer of Rs 406 . per share produced in December.

SMC, PSMC’s major shareholder, had initially offered to buy the shares, representing 26.91 per cent of the paid-up capital, at a minimum purchase price of Rs 406.

However, the voluntary delisting committee (VDC) has fixed a “minimum buyback price” of Rs 609 per share for PSMC.

The price set by VDC would result in SMC spending an additional Rs 4.5 billion if it were to buy 26.91 per cent of the paid-up equity.

In October last year, PSMC officially announced a voluntary delisting from the stock exchange, citing several factors, including Pak Suzuki’s losses, lack of dividends and low valuations on the PSX.

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