Johnson & Phillips (Pakistan) Limited announced on Monday that Muhammad Anis Mianoor, the majority shareholder, has decided to acquire all shares currently held by other shareholders.
The decision follows a special resolution passed by the company’s shareholders during an extraordinary general meeting on January 18, 2024, calling for the delisting of the company from the Pakistan Stock Exchange (PSX).
Muhammad Anis Mianoor offered to acquire shares at Rs. 160 per share, a price approved by the Pakistan Stock Exchange (PSX).
The share purchase offer will be valid from January 30, 2024, to April 1, 2024, inclusive, after which the company is expected to be delisted from the PSX.
In a meeting held on July 4, 2023, the company’s board decided to delist Johnson & Phillips from the PSX and repurchase ordinary shares from minority shareholders at Rs. 35 per share, pending approval by the PSX board.
The delisting application filed with the PSX cited several reasons, including increasing compliance requirements, challenges for sponsors in managing the company due to the country’s economic situation, the company’s shift from manufacturing to trading, and its relatively small market capitalization compared to other listed entities.
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