Karachi, July 4, 2023: Johnson & Phillips (Pakistan) Ltd., a prominent company listed on the Pakistan Stock Exchange (PSX), revealed its decision to delist its shares from the stock exchange. The company’s board of directors approved this delisting during a meeting held on July 4, 2023.
In a disclosure submitted to the PSX, the company informed its shareholders that the board of directors had considered, recommended, and approved the voluntary delisting of Johnson & Phillips (Pakistan) Ltd. from the PSX. The proposed delisting would be carried out in accordance with the voluntary delisting rules, subject to compliance with relevant regulations and the necessary approvals from shareholders and competent authorities.
The company proposed a buy-back price of PKR 35 per share as part of the delisting process. This buy-back price will be subject to the fulfillment of regulatory requirements and the necessary approvals from the company’s shareholders and relevant authorities.
Delisting from the PSX indicates that Johnson & Phillips (Pakistan) Ltd. intends to withdraw its shares from public trading on the stock exchange. While the specific reasons for the decision were not disclosed in the announcement, voluntary delistings often occur when a company seeks to reassess its strategic direction, financial structure, or operating environment.
The delisting process involves several steps, including obtaining approvals from the PSX and relevant regulatory bodies. Shareholders will also have the opportunity to vote on the proposed delisting during a general meeting. Once all necessary approvals are obtained, the company’s shares will no longer be traded on the PSX.
Johnson & Phillips (Pakistan) Ltd. has been an active participant in the Pakistani stock market, and its decision to delist marks a significant development. Shareholders, market participants, and regulatory authorities will closely monitor the delisting process to ensure compliance with all applicable rules and regulations.
It is essential for shareholders and stakeholders of Johnson & Phillips (Pakistan) Ltd. to stay informed about the developments related to the delisting process. The company will likely provide further updates and details regarding the timeline and procedures for the delisting, allowing shareholders to make informed decisions.
The delisting of Johnson & Phillips (Pakistan) Ltd. from the Pakistan Stock Exchange represents a significant shift in the company’s relationship with the public market. The decision reflects the company’s strategic vision and its plans for the future.
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