Johnson & Phillips (Pakistan) Limited (JOPP), a manufacturer of electrical equipment, has decided to purchase all the shares of the company and de-list from the Pakistan Stock Exchange (PSX).
The listed company shared the development in its notice to the bourse on Monday.
“This is to inform to all the shareholders that Muhammad Anis Mianoor the majority shareholder(s) of Johnson & Phillips (Pakistan) Limited has decided to purchase all the shares of the company held by others.
“The shareholders of the company passed a special resolution for de-listing of the company,” read the notice.
As per the notice shared to the bourse, Muhammad Anis Mianoor is offering to buy the shares of the Company at a price of Rs160 per share.
“This purchase price has also been approved by the Pakistan Stock Exchange Limited in accordance with its regulations,” read the notice.
JOPP shared that the share purchase offer will be valid from 30th January 2024 to 1st April 2024 both days inclusive.
“After this period, it is intended that the company will be delisted from the Pakistan Stock Exchange Limited,” read the notice.
JOPP’s share price was hovering at Rs160 per share on Monday.
Earlier, Suzuki Motor Corporation (SMC), the parent company of Pak Suzuki Motor Company Limited (PSMC), announced to purchase the shares of PSMC at a buy-back price of Rs609 per share, 50% higher than the sponsor’s original offer of Rs406 per share made in December.
SMC, the majority shareholder in PSMC, had originally proposed to purchase the shares representing 26.91% of the paid-up capital at a minimum purchase price of Rs406.
However, the Voluntary Delisting Committee (VDC) determined the ‘minimum buyback price’ of Rs609 per share for PSMC.
The VDC-determined price would result in SMC doling out nearly an additional Rs4.5 billion if it intends to purchase the entire 26.91% of the paid-up capital.
Last year in October, PSMC formally announced to voluntary delist from the bourse, citing several factors including Pak Suzuki’s losses, lack of dividends, and cheap valuations at the PSX.
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