Karachi January 18 2024: Suzuki Motor Corporation to buy 62.8 percent ordinary shares of Pak Suzuki Motors in order to delist company from Pakistan Stock Exchange.
“Suzuki Motor Corporation as the majority shareholder and sponsor of Pak Suzuki Motor Company Limited (Pak Suzuki), hereby convey the acceptance under PSX Regulation No. 5.14.7 to purchase the Ordinary Shares of Pak Suzuki at a buy-back price of PKR 609 per share, subject to purchase of at least 13,915,775 Ordinary Shares (62.84 percent) out of the total 22,145,760 Ordinary Shares outstanding with the shareholders other than Majority Shareholder, to qualify for delisting as approved by the Voluntary Delisting Committee of the Exchange” states company notice at Pakistan Stock Exchange.
However, Nadeem Nisar holds 8,294,916 ordinary shares of the company which alone makes 37.45 percent of ordinary shares held by minority shareholders.This significant ownership position could pose challenges for Suzuki Motors in its attempt to delist from KSE-100, as it leaves Suzuki with a quantity of shares below the necessary threshold for delisting.
Pak Suzuki Motor Company Limited was incorporated in Pakistan as a public limited company in August 1983. The Company was formed in accordance with the terms of a joint venture agreement concluded between Pakistan Automobile Corporation Limited and Suzuki Motor Corporation, Japan (the Holding Company). The Company is engaged in the assembling, progressive manufacturing and marketing of Suzuki cars, pickups, vans, 4x4s and motorcycles and related spare parts.
