PSMC shareholders resolve to authorise SMC Japan to repurchase stakes

KARACHI: The shareholders of Pak Suzuki Motor Company (PSMC) have resolved to authorise Suzuki Motor Corporation (SMC), Japan, the majority shareholder of PSMC, to repurchase 22,145,760 ordinary shares of 62.84 percent of the shareholding at a buy back price of Rs 609 per share as determined by the Voluntary Delisting Committee (VDC) of Pakistan Stock Exchange (PSX).

The majority shareholder is required to purchase at least 13,915,775 ordinary shares (62.84 percent) out of the total 22,145,760 ordinary shares outstanding with the shareholders other than majority shareholder, to qualify for delisting as approved by the VDC of the PSX, material information sent to Pakistan Stock Exchange on Monday said.

Suzuki Motor Corp decides to buy back PSMC shares at Rs609

The shareholders, in an extra-ordinary general meeting, also resolved that the Company be delisted from the PSX under the Voluntary Delisting Regulations of the PSX upon fulfillment of all applicable regulatory requirements.

Copyright Business Recorder, 2024