Philip Morris Investments B.V., the majority shareholder of Philip Morris (Pakistan) Limited (PMPK), has accepted the Pakistan Stock Exchange鈥檚 (PSX) buyback price of Rs1,300 per share for the company鈥檚 voluntary delisting.
PMPK, engaged in the manufacturing and sale of cigarettes and tobacco products, disclosed the development in its notice to the PSX on Friday.
鈥淲e, Philip Morris Investments B.V. as one of the sponsors and majority shareholder of Philip Morris (Pakistan) Limited (PMPK), hereby convey the acceptance under PSX Regulation No. 5.14.7 to purchase the ordinary shares of the company at a buy-back price of Rs1,300 per share, outstanding with the shareholders other than Philip Morris Brands SARL, which is the other sponsor, for delisting as approved by the Voluntary Delisting Committee of the Exchange,鈥 read the notice.
The Voluntary Delisting Committee (VDC) of PSX on Wednesday considered the voluntary delisting application of PMPK, read a PSX notice.
During the meeting, the stock exchange鈥檚 VDC held detailed discussions with the representatives of the sponsors, and after taking into account all relevant aspects under the applicable regulations, the committee decided to determine the minimum buyback price of Rs1,300/- per share against the offer of the sponsor of Rs664/- per share.
鈥淭he sponsors of PMPK are required to convey the acceptance to the purchase price determined by the exchange within ten days under PSX Regulation 5.14.7.
鈥淭he voluntary delisting of the company is subject to receipt of acceptance from the Sponsors and fulfilment of relevant requirements by the company,鈥 it added.
Earlier in March, PMPK, an affiliate of Philip Morris International (PMI), decided to purchase all the shares of the company and voluntarily delist from the PSX.
PMI, the ultimate shareholder of PMPKL, holds 97.65% of the shareholding through its subsidiaries, Philip Morris Investments B.V. (PMIBV) and Philip Morris Brands SARL (PMBS).