Wyeth Pakistan delisted at buy-back price of Rs2000 per share

MG News | November 17, 2021 at 02:27 PM GMT+05:00

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November 17, 2021 (MLN): Voluntary Delisting Committee of the Exchange has announced the delisting of Wyeth Pakistan Limited whereby the committee approved the minimum buy-back price of Rs2000 per share, the notice by Pakistan Stock Exchange said.

This buy-back price of Rs2000 per share is 56% premium to benchmark price, 16% premium to last close while 169% higher than intrinsic price.

The committee has also determined the minimum quantum of at least 99,145 ordinary shares (i.e.25%) out of the total 396,579 ordinary shares outstanding with the minority shareholder of the company to qualify for delisting.

On the same day, Wyeth Pakistan informed that it has received the acceptance of the sponsors i.e. Wyeth LLC, USA, the majority shareholder, to purchase the ordinary share of the company at a buy-back price of Rs2000 per share.

Earlier, on August 16, 2021, the company had applied for voluntary delisting from PSX when Wyeth LLC USA showed its intention to buy back all outstanding securities and shares listed at PSX of Wyeth Pakistan.

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