KARACHI: Wyeth Pakistan Limited has disclosed steps of delisting from the Pakistan Stock Exchange, saying that US-based Wyeth LLC, the parent company, has decided to increase ownership as it is intending to buy back its share.
The company has sought delisting from the stock exchange; however, the plan is subjected to the fulfillment of regulatory requirements for the delisting.
“The purpose [of this plan is] to increase ownership and de-list the company; the company once owned manufacturing plant which was divested in 2017,” Wyeth Pakistan Ltd put forth these reasons for delisting in the statement issued today.
“The company is only engaged in import and distribution of imported products and has no new product in pipeline,” it added.
For these reasons, the board of the company has decided to delist the company from the stock exchange under the rule to the Voluntary Delisting Rule of the PSX Rule Book.
According to the approved plan the company shall make a formal application for delisting its share from the PSX in accordance with the Rule Book, a general meeting of the shareholders of the company shall be convened and held within 30 days of the agreement with the PSX on the purchase price.
According to Wyeth Pakistan, the parent company, Wyeth LLC, USA currently holding 40.55 percent of the shareholding in Wyatt Pakistan Limited resolved to consider purchase of shares from all minority security holders in order to increase its ownership and de-list the company.
