Johnson & Phillips (Pakistan) Limited (PSX: JOPP) has decided to delist from the Pakistan Stock Exchange, the company said in a stock filing on Tuesday.
The company’s Board of Directors decided that the shares of JOPP will be delisted from PSX under the Voluntary De-Listing regime as provided under rule 5.13 of the PSX Rule Book.
“Mr. Anis Mianoor, Director and CEO of the Company (also the sponsor) has been authorized to buy back the ordinary shares held by the minority shareholders of the Company at a proposed price of PKR 35/- per share subject to compliance with the Voluntary De-Listing Rules, approval from the PSX, approval from the shareholders, and approvals from other competent authorities,” the filing added.
JOPP is principally engaged in the manufacturing, installation, and selling of electrical equipment.
The Company’s scrip at the bourse closed at Rs. 39.76, up 7.49 percent or Rs. 2.77 with a turnover over of 6,000 shares on Tuesday.
