Suzuki Motor Corporation (SMC), the majority shareholder, has revealed plans to repurchase a 62.84% shareholding in Pak Suzuki Motor Company Limited (PSX: PSMC) at a buy-back price of Rs609 per share. The decision, disclosed through a company filing on the local bourse, is subject to approval from minority shareholders.
Under the terms of the proposed buy-back, SMC aims to acquire a minimum of 13.915 million ordinary shares out of the total outstanding shares of 22.145 million. This move is part of the ongoing delisting process initiated by the Board of Directors (BoD) on October 19, 2023.
Pak Suzuki Motor Company Limited (PSX: PSMC) is currently trading at RS613.06 (2:04pm Thursday, 18 January 2024 (GMT+5) Time in Pakistan. It is worth nothing that the aforementioned share has already lost 26.56% value of its share price this week.
The delisting resolution gives Suzuki Motor Corporation the authority to repurchase common stock from minority investors; the precise amount and terms of the repurchase will be decided in compliance with guidelines established by the Securities Exchange Commission of Pakistan (SECP) or the PSX.
The majority shareholders expressed their intent to purchase all outstanding shares of PSMC on October 12, 2023, with the potential outcome of delisting the company. The success of this buy-back offer hinges on the consent of minority shareholders to sell their stakes at the agreed-upon price.
The majority shareholders expressed their intent to purchase all outstanding shares of PSMC on October 12, 2023, with the potential outcome of delisting the company. The success of this buy-back offer hinges on the consent of minority shareholders to sell their stakes at the agreed-upon price.
NADEEM NISAR
Nadeem Nisar formally communicated to the management of Pak Suzuki Motor Company (PSX: PSMC) about a significant increase in his ownership stake in the company. This move has propelled his ownership beyond the 10% threshold of the total issued, subscribed, and paid-up shares.
This adjustment in shareholding strictly adheres to the regulations and guidelines set forth by the Securities and Exchange Commission of Pakistan (SECP) and other relevant authorities. Nadeem Nisar, in his communication, assured the company of the transparent nature of the transaction and reaffirmed compliance with all legal procedures.
Expressing his commitment to transparency, Nisar conveyed his readiness to provide any additional documentation or information that the company or regulatory bodies may require.
Furthermore, he sought acknowledgment of the receipt of the letter and urged the company to communicate any additional requirements or procedures deemed necessary.
DETAILS OF THE SHAREHOLDING ADJUSTMENT:
- Shareholder: Nadeem Nisar
- CDC Participant ID: 03525-83861
- Previous Shareholding %: 10.079%
- Date of Change: January 12, 2024
Pak Suzuki Motor Company (PSMC) is actively involved in assembling, progressive manufacturing, and marketing Suzuki cars, pickups, vans, 4x4s, motorcycles, and related spare parts.
As of today, the company’s market capitalization stands at approximately Rs59 billion. Out of a total of 82.29 million shares, 21.8 million shares constitute the free float, representing 26.49% of the company’s total shares available for trading on the market.
This latest development adds an interesting layer to the ongoing narrative surrounding Pak Suzuki’s ownership dynamics and market presence. The company and stakeholders will likely closely monitor the implications of this shareholding adjustment in the coming days.
