Pak Suzuki Motor Company Limited (PSX: PSMC) is on the verge of being delisted from the Pakistan Stock Exchange as its board considers the majority shareholder’s offer to buy the automaker’s remaining shares.
Pak Suzuki Motor Company Limited
The Board of Directors (BoD) of PSMC will consider the majority shareholder’s intent to purchase all outstanding shares of the company held by other shareholders.
And de-listing under Rule 5.14.1. of the listing regulations, according to a stock filing on Thursday. The board’s decision must be communicated immediately following the meeting.
The Board of Directors will also review and consider the company’s quarterly financial statements for the third quarter ended September 30, 2023, as well as the declaration of any entitlements, if any.
PSMC declared “Closed period”
Notably, PSMC has declared the “Closed period” from October 12, 2023 to October 19, 2023 (both days inclusive), as required by PSX Rule Book Clause 5.6.4.
As a result, no Director, CEO, or Executive shall, directly or indirectly, deal in the Company’s shares in any way during the Closed Period, according to the filing.
Pakistan Automobile Corporation Limited and Suzuki Motor Corporation, Japan (the Holding Company) formed the Company in accordance with the terms of a joint venture agreement.
Suzuki cars, pickups, vans, 4x4s, motorcycles, and related spare parts are assembled, progressive manufactured, and marketed by the company.
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