Philip Morris Investments B.V., the majority shareholder of Philip Morris (Pakistan) Limited (PMPK), has agreed to the Pakistan Stock Exchange’s (PSX) buyback offer of Rs. 1,300 per share as part of the company’s voluntary delisting process.
Philip Morris Pakistan, involved in the manufacturing and sale of cigarettes and tobacco products, disclosed the development in a notice to the PSX on Friday.
It is hereby informed to all concerned that the voluntary delisting application of Philip Morris (Pakistan) Limited was considered by the Voluntary Delisting Committee (VDC) of Pakistan Stock Exchange today, the company said in its notice.
The VDC held detailed discussions with the representatives of the Sponsors and after taking into account all relevant aspects under the applicable Regulations, the Committee decided to determine the minimum buyback price of Rs. 1,300 per share against the Offer of the Sponsor of Rs. 664 per share, it added.
The Sponsors of PMPK are required to convey the acceptance to the purchase price determined by the Exchange within ten (10) days under PSX Regulation 5.14.7. The voluntary delisting of the company is subject to receipt of acceptance from the sponsors and fulfillment of relevant requirements by the company, the notice highlighted.