Karachi, January 29, 2024 – Johnson & Phillips (Pakistan) Limited has formally announced its decision to delist from the Pakistan Stock Exchange (PSX), marking a strategic move in the company’s corporate structure.
The decision was communicated through an official notification issued on Monday.
The driving force behind this significant development is Muhammad Anis Mianoor, the majority shareholder of Johnson & Phillips (Pakistan) Limited. In a bid to consolidate ownership, Mianoor has chosen to acquire all the shares of the company currently held by other shareholders.
The decision to delist received formal approval from the company’s shareholders during an extraordinary general meeting held on January 18, 2024. In this meeting, a special resolution was passed in favor of delisting from the PSX.
The company, in alignment with regulatory requirements, has outlined the terms, conditions, and procedures for the purchase of shares by Muhammad Anis Mianoor. The purchase price for the shares has been set at Rs 160 per share, a valuation that has received the approval of the Pakistan Stock Exchange Limited in compliance with existing regulations.
Muhammad Anis Mianoor’s offer to buy shares is scheduled to be open for acceptance from January 30, 2024, to April 01, 2024, inclusive of both days. After this stipulated period, the intention is to proceed with the delisting of Johnson & Phillips (Pakistan) Limited from the Pakistan Stock Exchange.
The offer is extended to all shareholders of the company, encompassing those who hold physical share certificates and those whose shares are held as book-entry securities in the Central Depository System of the Central Depository Company of Pakistan Limited (CDC).
The delisting decision is indicative of the company’s strategic shift and internal restructuring, guided by the vision of its majority shareholder. It reflects a move towards a more consolidated and controlled ownership structure, potentially enabling the company to streamline decision-making processes and better align with its long-term business objectives.
The delisting process will be closely monitored by both regulatory bodies and shareholders as Johnson & Phillips (Pakistan) Limited undergoes this transformation in its market presence and ownership landscape.
