January 17, 2024 (MLN): To review the progress of delisting proceedings of Pak Suzuki Motor Company Limited (PSX: PSMC) and take appropriate actions, the emergent meeting of the Board of Directors is scheduled to be held on January 19, 2024, the company's filing on PSX noted.
To recall, on October 19, 2023, the BoD resolved to delist the company from PSX.
Considering this, Suzuki Motor Corporation, the majority shareholder of the company has been authorized to buy back ordinary shares held by the minority shareholders of the company to an extent and at a price to be determined under the regulations or as may be determined by the PSX or the Securities Exchange Commission of Pakistan (SECP).
on October 12, 2023, the majority shareholders of PSMC expressed their intent to purchase all outstanding shares of PSMC and potentially de-list the company.
Yesterday, an investor Nadeem Nisar formally informed the company's management regarding his increase in ownership stake, surpassing the 10% threshold of the total issued, subscribed, and paid-up shares.
This change in shareholding has been carried out in strict adherence to the regulations and guidelines established by the SECP and other relevant authorities.
