January 16, 2024 (MLN): In a recent development, investor Nadeem Nisar formally informed the management of Pak Suzuki Motor Company (PSX: PSMC) regarding his increase in ownership stake in the company, 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 Securities and Exchange Commission of Pakistan (SECP) and other relevant authorities.
Nadeem Nisar assured the company of the transparent nature of the transaction and affirmed compliance with all legal procedures.
He expressed his willingness to provide any additional documentation or information that the company or regulatory bodies may require.
He also sought acknowledgement of the receipt of the letter and urged the company to communicate any additional requirements or procedures that may be necessary.
The details of the shareholding adjustment are as follows:
Shareholder: Nadeem Nisar
CDC Participant ID: 03525-83861
Previous Shareholding %: 10.079%
Date of Change: January 12, 2024
PSMC is engaged in assembling, progressive manufacturing and marketing of Suzuki cars, pickups, vans, 4x4s motorcycles and related spare parts.
The market cap of the company as of today is around Rs59 billion. Of a total of 82.29 million shares, 21.8 shares constitute the free float, representing 26.49% of the company's total shares available for trading on the market.
