Philip Morris (Pakistan) Limited (PMPKL), linked to Philip Morris International (PMI), has announced its intention to acquire all shares of the company and voluntarily withdraw from the Pakistan Stock Exchange (PSX).

The notice was published, which stated that, “The board of the company resolved to delist the company from the exchange under rule 5.14 of the Voluntary Delisting rules of the PSX Rule Book. For this purpose, the company shall submit a formal application to the exchange. “

“Philip Morris Investments B.V., the majority shareholder and one of the sponsors of the company, has been authorized to buy back ordinary shares held by the minority shareholders of the company, other than Philip Morris Brands SARL (the other sponsor, who will continue to hold securities and shares in the de-listed entity).”

“This buyback will be to an extent and at a price to be determined in accordance with the PSX Rule Book or as may be determined by the exchange or the Securities & Exchange Commission of Pakistan for voluntary delisting of the company from the exchange,” it said.

The ultimate shareholder of PMPKL, PMI, owns 97.65% of the shares through its subsidiaries, Philip Morris Investments B.V. (PMIBV) and Philip Morris Brands SARL (PMBS).

The company announced that PMIBV plans to enhance its ownership by acquiring all outstanding shares and securities held by shareholders, excluding PMBS, to facilitate the company’s delisting from the PSX.

Read more

Suzuki Motor Corp plans to take full control of Pak Suzuki, delist its shares

KSE-100 index soars by over 1,300 points following IMF staff-level agreement

Engro Corp gets in-principle board approval for restructuring