The Voluntary Delisting Committee (VDC) of the Pakistan Stock Exchange (PSX) has set a minimum buyback price of Rs609 per share for Pak Suzuki Motor Company Ltd (PSMCL).
The buyback price is higher than the Rs406 per share initially offered by PSMCL for its delisting. The PSX made this announcement following a detailed review of the delisting application by PSMCL on Monday.
The committee reached this decision after extensive discussions with PSMCL’s sponsors and considering all relevant factors under the applicable regulations.
PSMCL’s Delisting Process and Shareholder Impact
PSMCL’s sponsor must now agree to the PSX committee’s purchase price within ten days. The company’s voluntary delisting hinges on this acceptance and the fulfilment of other relevant requirements. Previously, on October 19, 2023, PSMCL disclosed its board’s decision to buy all outstanding shares from minority shareholders and proceed with delisting under the specific listing regulation rule.
As of December 4, 2023, PSMCL reported an authorized share capital of Rs5 billion, divided into 500 million ordinary shares. Of these, 82.299 million shares, valued at Rs822 million, were issued and fully paid. The leading auto assembly company’s move towards delisting, including the intention of its majority shareholder, Suzuki Motor Corporation Japan (SMC), aims to obtain full ownership by acquiring all shares held by minority stakeholders and considering the delisting from PSX.
