Pak Suzuki Motor Company Limited (PSX: PSMC) faces delisting from the Pakistan Stock Exchange as its board weighs in on the majority shareholder’s offer to purchase the automaker’s remaining shares.
According to a stock filing on Thursday, the Board of Directors (BoD) of PSMC will consider the majority shareholder’s intent to purchase all outstanding shares of the company held by other shareholders and de-listing under Rule 5.14.1. of the listing regulations. The decision taken by the board shall be communicated right after the board meeting.
The BoD will also review and consider the quarterly financial statements of the company for the 3rd quarter ended September 30, 2023 and for declaration of any entitlement if any.
Notably, PSMC has declared the “Closed period” from October 12, 2023, to October 19, 2023 (both days inclusive) as required under Clause 5.6.4 of the PSX Rule Book. Accordingly, no Director, CEO, or Executive shall, directly / indirectly, deal in the shares of the Company in any manner during the Closed Period, the filing added.
The Company was formed in accordance with the terms of a joint venture agreement concluded between Pakistan Automobile Corporation Limited and Suzuki Motor Corporation, Japan (the Holding Company). The Company is engaged in the assembling, progressive manufacturing, and marketing of Suzuki cars, pickups, vans, 4x4s, motorcycles, and related spare parts.
this is sad news
There will be no more obligations to declare any financial report to the public. This is not good for the auto industry of Pakistan as other auto companies will follow the same example. Mafias are just cementing their position firmly in Pakistan. Pakistani government must safeguard the rights of Pakistani citizens.