Pakistan Stock Exchange (PSX) has fixed a minimum buyback price of Rs. 700 per share for the voluntary delisting of Gillette Pakistan Limited, significantly higher than the sponsor’s proposed offer of Rs. 216.49 per share.
In a notice issued by the PSX Listing Department, the Exchange said the Voluntary Delisting Committee (VDC) reviewed Gillette Pakistan’s application for voluntary delisting and held detailed discussions with the company’s sponsors before determining the purchase price under applicable regulations.
After evaluating all relevant factors, the committee decided that the minimum price payable to minority shareholders should be Rs. 700 per share, rejecting the sponsor’s initial offer price of Rs. 216.49.
Under PSX Regulation 5.14.7, the sponsors are now required to communicate their acceptance or rejection of the Exchange-determined price within 10 days. The delisting process will proceed only if the sponsors accept the Rs. 700 per share price and meet all regulatory requirements.
If the sponsors fail to respond within the stipulated timeframe, the voluntary delisting application will automatically stand withdrawn, PSX said.
The Exchange added that it will notify the market separately once a response is received from the sponsors regarding the revised purchase price.
At the time of filing this report, Gillette’s scrip at the bourse was trading at Rs. 450.22, up by 10 percent or Rs. 40.93, with a turnover of 4,111 shares.
