Ados Pakistan Limited (PSX: ADOS), a leading manufacturer of critical oilfield equipment, will be delisted from the Pakistan Stock Exchange (PSX) next month after the bourse accepted its request for going private.
According to a notice issued, PSX has accepted the request for Voluntary Delisting of Ados Pakistan Limited and has decided to delist the Company from the Exchange with effect from Monday, January 09, 2023.
The exchange advised minority shareholders to contact the company’s sponsors if they wanted to participate in the share buyback program.
The table summarizing the timelines of the buyback transaction is as follows:
| Initial Buyback Period | September 19, 2022, to November 17, 2022 |
| Date of completion of Voluntary Delisting Requirements | December 07, 2022 |
| Date of Delisting from PSX | January 09, 2023 |
| Offer of Buyback of Shares Valid till | November 17, 2023 |
The sponsors of the company have already submitted an undertaking to purchase the remaining shares held with the minority shareholders at a price of Rs. 29/- per share, which is valid up to November 17, 2023. Pertinently, the company’s current scrip at the bourse is also Rs. 29 per share.
