Suzuki Motor Corporation Japan: PSMC announces terms for purchase of shares

KARACHI: Pak Suzuki Motor Company (PSMC) has announced terms, conditions and procedure for purchase of 22,145,760 ordinary shares of the Company by Suzuki Motor Corporation, Japan.

The Suzuki Motor Corporation, Japan, the majority shareholder of Pak Suzuki Motor Company had decided to purchase all the shares of the Company held by other than those held by the Sponsor/ majority shareholder.

The shareholders of the Company passed a special resolution for de-listing of the Company from the Pakistan Stock Exchange at the Extraordinary General Meeting held on February 09, 2024.

The Company has now announced the terms, conditions and procedure for purchase of the shares of the Company by Suzuki Motor Corporation, Japan, according to which Suzuki Motor Corporation, Japan is offering to buy the shares of the Company at a price of Rs 609.00 per share.

This purchase price has also been approved by the Pakistan Stock Exchange Limited in accordance with the regulations.

The share purchase offer will be valid from February 22, 2024 to April 21, 2024 both days inclusive. After this period, it is intended that the Company will be de-listed from the Pakistan Stock Exchange Limited.

This offer is valid for all shareholders of the Company (i.e. those shareholders holding physical share certificates and those shareholders whose shares are held as book-entry security in the Central Depository System of the Central Depository Company of Pakistan Limited (CDC).

Copyright Business Recorder, 2024