Pak Suzuki Contemplates Potential Delisting from PSX

Abdullah

12 Oct 2023

269

Pak Suzuki Contemplates Potential Delisting from PSX

Pak Suzuki Motor Company Limited (PSX: PSMC) faces potential delisting from the Pakistan Stock Exchange, as its Board of Directors evaluates a buyout offer from the majority shareholder.

Delisting Consideration

In a recent stock filing, PSMC's Board of Directors (BoD) announced that it would deliberate on the intent of the majority shareholder to acquire all outstanding shares owned by other stakeholders and initiate a delisting process under Rule 5.14.1 of the listing regulations. The outcome of this board meeting will be promptly communicated.

Financial Review and Entitlement Assessment

In addition to the delisting proposal, the BoD will also scrutinize the company's quarterly financial statements for the third quarter ending on September 30, 2023. This assessment may result in the declaration of any entitlements if deemed appropriate.

Closed Period Notification

It's worth noting that PSMC has officially declared a "Closed period" effective from October 12, 2023, to October 19, 2023, inclusive. This declaration aligns with the requirements of Clause 5.6.4 of the PSX Rule Book, and during this period, no Director, CEO, or Executive may engage in any direct or indirect dealings involving the Company's shares.

About Pak Suzuki Motor Company Limited

Pak Suzuki Motor Company Limited was established through a joint venture agreement between Pakistan Automobile Corporation Limited and Suzuki Motor Corporation, Japan (the Holding Company). The company is primarily involved in the assembly, progressive manufacturing, and marketing of Suzuki vehicles, including cars, pickups, vans, 4x4s, motorcycles, and related spare parts.

Pak Suzuki Motor Company Limited Delisting Majority Shareholder Board of Directors Quarterly Financial Statements Closed Period Joint Venture Agreement Suzuki Vehicles

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