Pak Suzuki Motor Company Limited (PSX: PSMC) has initiated the share purchase offer (SPA) to sell 22.14 million shares of the company at Rs. 609 per share and effectively delist from the Pakistan Stock Exchange after 22 February 2024, the automaker said in a stock filing on Friday.
The SPA extends to all shareholders of PSMC.
Suzuki Motor Corporation, Japan, the majority shareholder of Pak Suzuki Motor Company Limited (the Company) has decided to purchase all the shares of the Company held by others (other than those held by the Sponsor / Majority Shareholder).
The shareholders of the Company passed a special resolution for de-listing of the Company from the Pakistan Stock Exchange at the Extraordinary General Meeting held on February 9, 2024, copy of the Special Resolution is being sent to the members separately.
Suzuki Motor Corporation, Japan is offering to buy the shares of the Company for Rs. 609 per share. The Pakistan Stock Exchange Limited has also approved this purchase price in accordance with its Regulations.
The share purchase offer will be valid from February 22, 2024, to April 21, 2024, both days inclusive. After this period, it is intended that the Company will be delisted from the Pakistan Stock Exchange Limited.
This offer is valid for all shareholders of the company (i.e. those shareholders holding physical share certificates and those shareholders whose shares are held as book-entry security in the Central Depository System of the Central Depository Company of Pakistan Limited (CDC).
To avail the offer, shareholders need to send (by either Registered mail or courier service) or personally take the following documents to authorized Purchase Agent Arif Habib Limited:
Arif Habib Limited will issue a receipt in exchange for the above documents. Once the share certificates, transfer deeds and other documents have been verified by the Company’s Shares Department/Registrar, shareholders will be requested to collect payment for their shares at the rate of Rs. 609 per share less the TREC Holder’s commission from Arif Habib Limited.
Payment to the shareholders will be made within three weeks of the date of issuance of the receipt.
The Purchase Agent would purchase the shares through the trading system of PSX. Payment to sellers will be made as per the Clearing Schedule notified by the Pakistan Stock Exchange.