Pak Suzuki Motor Company’s majority shareholder Suzuki Motor Corp plans to take full control of the carmaker and delist it from the Pakistan Stock Exchange, Pak Suzuki said on Thursday.

Pak Suzuki, which assembles Suzuki vehicles and motorcycles in Pakistan, said in a statement to the Pakistan Stock Exchange that its losses in 2019, 2020, 2022, nonpayment of some dividends, and a low share price were among the reasons for the decision.

“In view of the foregoing … Suzuki Motor Corporation intends to obtain full ownership of Pak Suzuki by purchasing all outstanding shares and securities held by minority shareholders, in order to increase ownership and delist the company from the Pakistan Stock Exchange,” Pak Suzuki’s statement said.

“Considering the unfavorable situation for minority shareholders, it would be beneficial for them to be offered a fair exit,” the statement said.

Suzuki Motor Corp currently holds about 73.09% of Pak Suzuki based on Pak Suzuki’s latest annual statement.

The company’s shares were 7.5% higher at the close on Thursday.

Pak Suzuki also reported on Thursday a loss after tax of 5.871 billion Pakistani rupees ($21.20 million) during the nine-month period in 2023.

Pak Suzuki had to implement a series of temporary shutdowns during the current year, along with other automakers in Pakistan. These were due to delays to letters of credit needed for imports, and weak demand in Pakistan due to rising interest rates and diminishing purchasing power.

Pak Suzuki’s statement also said that within Suzuki’s global strategy, Pakistan remains one of the most important markets and the Japanese company is convinced of the future potential of Pakistan.