Johnson & Phillips set for delisting following shareholder resolution

MG News | December 29, 2023 at 12:05 PM GMT+05:00

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December 29, 2023 (MLN): The shareholders of Johnson & Phillips (Pakistan) Limited (PSX: JOPP) have resolved that the company shall be delisted from the Exchange upon completion of all regulatory requirements as prescribed by the Exchange, the company’s filing on local bourse revealed today.

Accordingly, the sponsors of the company are hereby authorized to purchase 545,983 ordinary shares of the company, each with a face value of Rs10, at a buyback price of Rs160.

This buyback price has been determined and approved by the Voluntary Delisting Committee of the Exchange on December 18, 2023.

The owners have further authorized Muhammad Anis Mianoor, the CEO of the company to do all acts, and deeds and take all necessary actions, including completing all legal formalities and filing all documents as may be necessary, to implement the aforementioned resolutions.

“As well as carry out any other act which may be ancillary and/or incidental to the above and necessary to achieve the objective of the aforesaid resolutions,” the notice concludes.

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