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Pak Suzuki Hit By Massive Cyber Attack

Pak Suzuki Motor Company Limited (PSX: PSMC) last week was hit by a cyber attack and its corporate data was leaked, the automaker informed the main bourse on Monday.

“On April 9, 2024 we came to know that our corporate data has been leaked due to cyber-attack. Initial investigations suggests that data related to HR, Financials, etc., from server has been port out to public IP,” it said in a stock filing.

It added, “We have onboarded Security Consultant for detail Forensic assessment and eliminating potential security threats from entire infrastructure. Detailed findings will be concluded after completion of assessment”.

This comes sometime after the automaker announced that it was delisting from PSX.

PSMC in February 2024 initiated the share purchase offer (SPA) to sell 22.14 million shares at Rs. 609 per share and effectively delist.

This was initiated after Suzuki Motor Corporation, Japan, the majority shareholder of Pak Suzuki Motor Company Limited (the Company) recently decided to purchase all the shares of the Company held by others (other than those held by the Sponsor / Majority Shareholder).

To make matters worse, the carmaker had a year to forget. It reported a staggering loss after tax (LAT) of Rs. 10 billion in 2023, 50 percent higher than a loss of Rs. 6.3 billion in the same period last year.

The net sales of the company decreased by 50 percent year-on-year (YoY) to Rs. 102 billion as compared to Rs. 202 billion last year.

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