January 29, 2024 (MLN): In a significant development in the corporate landscape, Mr. Muhammad Anis Mianoor, the majority shareholder of Johnson & Phillips (Pakistan) Limited (PSX: JOPP) has decided to purchase all the shares of the company held by other shareholders.
On January 18, 2024, the shareholders of JOPP resolved that the company shall be delisted from the PSX upon completion of all regulatory requirements as prescribed by the Exchange.
Accordingly, the sponsors of the company agreed to purchase 545,983 ordinary shares of the company, each with a face value of Rs10, at a buyback price of Rs160, as 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.
