Shield Corporation Limited (SCL), a Pakistani manufacturer of baby care and hygiene products, have proposed purchasing 209,598 ordinary shares—representing 5.37% of the company’s paid-up capital—for Rs750 per share.
“We hereby convey the acceptance of the majority shareholders/sponsors under PSX Regulation No. 5.14.7 to purchase the ordinary shares of Shield Corporation Limited at a PSX proposed buy-back price of Rs750 per share,” read the notice.
Earlier in January, the company announced to buy back a minority stake at Rs465 per share.
Last year in November, SCL announced its delisting from the bourse. The company shared the following for delisting:
- The liquidity of the company’s shares remains significantly low, with an average daily trading volume of approximately 923 shares over the last year.
- The company has incurred losses over the last two financial years.
- After 2021, dividends have not been paid to shareholders.
- Delisting of the company will reduce complexity and free up management time to focus on the core business of the company.
Shield Corporation Limited was incorporated in Pakistan as a public limited company in 1975.
The company’s principal business activity is the manufacturing, trading, and sale of oral hygiene and baby care products. SCL caters to the needs of over 300 towns and cities in Pakistan. Besides, the company has a presence in Europe, Asia, and Africa.
In recent months, several companies have opted for delisting from the PSX.
Last year in March, Philip Morris Investments B.V., an affiliate of Philip Morris International (PMI), decided to purchase all the shares of the company and voluntarily delist from the PSX.
Earlier, Johnson & Phillips (Pakistan) Limited (JOPP), a manufacturer of electrical equipment, decided to delist from the exchange.
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