The Board of Directors of Philip Morris (Pakistan) Limited has approved to voluntarily delist the company’s shares from the Pakistan Stock Exchange (PSX). The delisting is set to take place under rule 5.14 of the PSX Rule Book, a provision for voluntary delisting that allows companies to voluntarily exit from the stock exchange.
The company’s majority shareholder, Philip Morris International (PMI), through its subsidiary Philip Morris Investments B.V. (PMIBV), will be leading the move. PMI holds 97.65% of Philip Morris (Pakistan) Limited’s shares, and under the approved resolution, PMIBV intends to purchase all outstanding shares and securities held by minority shareholders.Â
The shares purchased will be at a price to be determined in accordance with PSX regulations, as well as the Securities and Exchange Commission of Pakistan (SECP).
In a statement following the meeting, the company revealed that the reason behind the decision is to consolidate ownership. The move will allow PMI and its affiliate PMIBV to gain full control of the company by buying back shares currently held by minority investors. “This will provide an opportunity for shareholders to exit and liquidate their investments at a competitive price,” the statement said.
In addition to the delisting process, the company has clarified that the decision is in line with its long-term strategy to increase its control over Philip Morris (Pakistan) Limited and expand its footprint in the country. Philip Morris Brands SARL, the other sponsor, will continue holding securities in the de-listed company.
After the announcement of the delisting, Philip Morris Pakistan’s stock witnessed a 10% increase in its value. The share price jumped by Rs67.07, reaching Rs737.77 by 11:19 AM on March 26, 2025.Â
Philip Morris (Pakistan) Limited (PMPKL) is a subsidiary of Philip Morris International (PMI). The company became the majority shareholder of Lakson Tobacco Company Limited, and on February 25, 2011, the company was rebranded as Philip Morris (Pakistan) Limited. Its primary business involves the production and sale of cigarettes and tobacco products.
As of the latest data, Philip Morris (Pakistan) has a market capitalization of approximately PKR 45.43 billion, with 61.58 million shares in circulation. The free float of shares stands at 5%, equating to around 3.08 million shares.
