Pak Suzuki accepts buyback shares at Rs 609

Muhammad Haris

Pak Suzuki Motor has accepted the offer of the Pakistan Stock Exchange to buy back shares at Rs 609 per share.

Pak Suzuki in filing to PSX said that Suzuki Motor Corporation (“SMC”) as the majority shareholder and sponsor of Pak Suzuki Motor Company Limited (“Pak Suzuki” or the “Company”), hereby conveys the acceptance under PSX Regulation to purchase the Ordinary Shares of Pak Suzuki at a buy-back price of PKR 609/- share.

The company is to purchase at least 13,915,775 Ordinary Shares (62.84%) out of the total 22,145,760 Ordinary Shares outstanding with the shareholders other than the Majority Shareholder, to qualify for delisting as approved by the Voluntary Delisting Committee of the Exchange.

PSX had asked Pak Suzuki to buy back at Rs 609 per share instead of an offer of Rs 406.

Pak Suzuki Motor Company has decided to delist from the Pakistan Stock Exchange.

The Company through an announcement at PSX informed all concerned that the voluntary delisting application of Pak Suzuki Motor Company Limited (“PSMC” or “the Company”) was considered by the Voluntary Delisting Committee (“VDC” or “the Committee”) of Pakistan Stock Exchange Monday.CEO Indus Motor Announces to Launch Local Hybrid C SUV Car

The VDC held detailed discussions with the representatives of the Sponsor and after taking into account all relevant aspects under the applicable Regulations, the Committee decided to determine the minimum buyback price of PKR 609/- per share against the Offer of the Sponsor of PKR 406/- per share.

The Sponsor of PSMC is required to convey the acceptance of the purchase price determined by the Exchange within ten (10) days under PSX Regulation 5.14.7.

The voluntary delisting of the Company is subject to receipt of acceptance from the Sponsor and fulfillment of relevant requirements by the Company. Upon receipt of a response from the Sponsor, the same shall be notified separately.