Akzo Nobel Company to be delisted from PSX under the Voluntary Delisting Regulations

MG News | April 14, 2020 at 11:03 AM GMT+05:00

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April 14, 2020 (MLN): The Board of Directors of Akzo Nobel Pakistan Limited, in its meeting held on April 13, 2020, has resolved that ICI Omicron B.V., the Sponsors/majority shareholders of the Company, shall be authorized to buy back ordinary shares of the Company at PKR 270/- per share as approved by Pakistan Stock Exchange.

The buyback shall be subject to the purchase of at least 6,178,511 Ordinary Shares (i.e. 55%) out of the total 11,233,655 Ordinary Shares outstanding with the shareholders other than Sponsors, to qualify for delisting as approved by the Voluntary Delisting Committee of the Exchange.

The Board further resolved that the Company be delisted from the Exchange under the Voluntary Delisting Regulations of the Exchange upon fulfillment of all applicable regulatory requirements.

It was further resolved that Mr. Harris Mahmood [Acting Chief Executive] and Mr. Muhammad Ali Murtaza [Acting Company Secretary], shall be authorized to take all necessary steps/actions required to complete the delisting of the Company from the Exchange.

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