Aamna Aamna 
philip morris pakistan announces voluntary delisting plan
Philip Morris (Pakistan) Limited has made a new corporate decision to leave the Pakistan Stock Exchange marketplace. The board officially informed the stock market on Wednesday through a notice about starting the delisting procedure.
The corporation and Philip Morris International (PMI) take control of 97.65% of voting rights through their subsidiaries Philip Morris Investments B.V. and Philip Morris Brands SARL. PMIBV announced its plan to buy every remaining share which marks the final step of the business exiting the public stock exchange.
Right after its statement the company’s stock increased by 10% into market price hitting Rs737.77. It reached its maximum trading limit on PSX. Share price went up dramatically because shareholders want to participate in the delisting process.
The company presented many business motives behind their decision to stop trading. The company sees delisting as way to let minority investors take their money at today’s market rate. The share buyback will benefit current stockholders and boost their return in terms of earnings per share.
Key details of the delisting process include:
- PMIBV will purchase shares from minority shareholders
- The buyback price will be determined in accordance with PSX Rule Book
- Philip Morris Brands SARL will continue to hold securities in the de-listed entity
Philip Morris (Pakistan) Limited focuses on producing tobacco and cigarette products through a strategy that helps other companies merge in the tobacco industry. Philip Morris takes a strategic move by streamlining its corporate functions and working only on core operations.
