ISLAMABAD: The Board of Directors (BoD) of Pak Suzuki Motor Company (PSMC) has decided to buy back all outstanding shares of the company and delist from the Pakistan Stock Exchange (PSX), the company said in a notice to the bourse on Thursday, the copy of which is available with the WE News.
The decision was taken in a meeting of the BoD of PSMC on Thursday to consider delisting shares under section 5.14, Voluntary Delisting rules of the PSX Rule Book.
“The BoD of the company has resolved to delist the company from PSX under rule 5.14 of Voluntary Delisting rules of the Rule Book for which the company shall submit a formal application to the PSX for Suzuki Motor Corporation,” the notice maintained.
The notice further maintained that the company suffered loss in 2019, 2020 and 2022 followed by further loss in third quarter of 2023 adding that no since 2019, no dividends have not been paid to shareholders except for 2021. Meanwhile at present the share price of Pak Suzuki was at a historic low level with limited daily transactions and sales, it said.
The notice maintained that in view of the prevailing situation Suzuki Motor Corporation, intended to obtain full ownership of Pak Suzuki to buy back all outstanding shares and securities held by minority shareholders, in order to enhance ownership and delist the company from the PSX.
Amid the recent announcement while being its share, under pressure for months, hitting the upper limit during Thursday trading.
PSMC delisting doc.Pak Suzuki Motors Recent Announcements
It is worth noting here that, a week before, Pak Suzuki Motor had informed the media that the company review and consider the majority shareholder’s intent to purchase all outstanding shares of the company and delist from the PSX.
Earlier the company made several announcements of shutdown of both its vehicle and motorcycle plants in Pakistan for a limited time. Meanwhile Indus Motor Company, and Honda Atlas also announced temporary shutdown of operations in past.
