Pak Suzuki is Ready to Delist Itself From Pakistan Stock Exchange

Pak Suzuki Motor Company Limited (PSMC) has submitted a formal request to delist from the Pakistan Stock Exchange, the automaker informed the bourse on Monday. “We are pleased to submit herewith a formal application under regulation 5.16.1 of the PSX Rule Book with the request to delist the Company and approve the purchase of shares from the minority shareholders of the Company under the Regulations,” the stock filing stated. Suzuki Motor Corporation (SMC) Japan, the majority shareholder proposes to purchase 22,145,760 ordinary shares (26.91 percent) of the paid-up share capital of the Company held by the minority shareholders at a minimum purchase price of Rs. 406 per share. The proposed minimum purchase price has been determined following the requirements of the regulation 5.14.1 of PSX Rule Book, the filing added. Arif Habib Limited has been appointed as the Purchase Agent for the proposed transaction. PSMC has paid Rs. 500,000 on account of the application fee as specified by the PSX Rule Book. Notably, the company has an authorized share capital of Rs. 5 billion divided into 500 million ordinary shares of Rs. 10 each of which 82.29 million ordinary shares of an aggregate nominal value of Rs. 822.99 million are issued and fully paid up. The shares of the Company are eligible for the Central Depository System of the Central Depository Company of Pakistan.