Pakistan Stock Exchange (PSX) has accepted the request of voluntary delisting of the Wyeth Pakistan Limited that will be an exit from the stock market on April 4.
According to stock filing, the shareholder of the company, who may desire to avail the opportunity of buy-back of shares by the sponsors, are advised to approach the purchasing agent, Arif Habib Limited.
The purchase agent and sponsors of the company have already submitted an undertaking to purchase the remaining shares held with the minority shareholders at a price of Rs. 2,000 per share, which is valid up to February 25, 2023.
Wyeth Pakistan Limited, one of the leading pharmaceutical companies in Pakistan having an association with a US-based group, had planned its delisting from PSX. The move came from Wyeth LLC, USA – the parent company of the Pakistani subsidiary – which currently holds a 40.55 percent shareholding in Wyeth Pakistan.
Wyeth Pakistan Limited is engaged in the import, marketing, distribution, and sale of research-based ethical specialties and other pharmaceutical products.
Pfizer Inc. is the ultimate parent of the Company. Wyeth LLC, USA and Wyeth Holding Corporation USA, which are subsidiaries of Pfizer Inc., are the principal shareholders of the Company.
In 2017, the company made a handsome profit of Rs. 980 million. In the very next year, the company posted a loss of Rs. 11 million. It regained the profitability of Rs. 23 million in 2019 but posted a huge loss of Rs. 131 million in 2020.