KARACHI: The shareholders of Johnson & Phillips (Pakistan) Limited have decided to delist the company from the Exchange upon fulfilling all regulatory requirements outlined by the Exchange, according to the company’s recent filing on the local bourse.
In line with this decision, the company’s sponsors have committed to acquiring 545,983 ordinary shares, each with a face value of Rs10, at a buyback price of Rs160 per share. This buyback price was determined and approved by the Voluntary Delisting Committee of the Exchange on December 18, 2023.
The owners have granted authorization to Muhammad Anis Mianoor, the CEO of the company, empowering him to execute all necessary acts and deeds.
This includes taking actions such as completing legal formalities and filing required documents to implement the aforementioned delisting resolutions.
The notice also specifies that the CEO is authorized to perform any other ancillary or incidental acts essential to achieve the objectives of the stated resolutions.
Meanwhile, an emergent meeting of the Board of Directors has been scheduled for January 19, 2024, to assess the progress of the delisting proceedings of Pak Suzuki Motor Company Limited and decide on appropriate actions, as per the company’s filing on PSX.
Recall that on October 19, 2023, the Board of Directors had resolved to delist the company from PSX.
In light of this decision, Suzuki Motor Corporation, the majority shareholder, has been granted the authority to repurchase ordinary shares from minority shareholders, with the extent and price to be determined in accordance with regulations or as specified by the PSX or the Securities Exchange Commission of Pakistan (SECP).
On October 12, 2023, the majority shareholders of PSMC expressed their intention to acquire all outstanding shares and potentially delist the company.
Recently, investor Nadeem Nisar formally notified the company’s management of his increased ownership stake, surpassing the 10% threshold of the total issued, subscribed, and paid-up shares. This adjustment in shareholding strictly adheres to the regulations and guidelines established by the SECP and other relevant authorities.
Meanwhile, the automotive market is currently experiencing a prolonged downturn, with a drastic 53% decline in sales of passenger cars, light commercial vehicles (LCVs), and SUVs during the first half of the fiscal year (Jul-Dec). This trend mirrors the financial challenges faced by Pakistani households, where the ability to make substantial purchases, especially of new cars, is diminishing, and purchasing power is constrained.
