Philip Morris Investments Accepts Buyback Price for PMPK Delisting

Philip Morris Investments B.V., the primary shareholder of Philip Morris (Pakistan) Limited (PMPK), has concurred with the Pakistan Stock Exchange’s (PSX) stipulated buyback valuation of Rs1,300 per share concerning the company’s intended voluntary delisting.

PMPK, an entity focused on the production and distribution of cigarettes and associated tobacco products, communicated this development in its notification to the PSX on Friday.

The notice stated, “We, Philip Morris Investments B.V., in our capacity as a principal sponsor and majority shareholder within Philip Morris (Pakistan) Limited (PMPK), hereby formally accept, in accordance with PSX Regulation No. 5.14.7, the offer to acquire the company’s ordinary shares at a buy-back rate of Rs1,300 per share. These shares are currently held by shareholders other than Philip Morris Brands SARL, the other sponsor, for the purpose of delisting as sanctioned by the Exchange’s Voluntary Delisting Committee.”

According to a PSX notification, the Voluntary Delisting Committee (VDC) of the PSX deliberated on PMPK’s voluntary delisting request on Wednesday.

During the session, the PSX’s VDC engaged in comprehensive discussions with sponsor representatives. After assessing all pertinent factors under the relevant regulations, the committee resolved to fix the minimum buyback price at Rs1,300 per share, contrasting with the sponsor’s initial offer of Rs664 per share.

The notice further specified that “Under PSX Regulation 5.14.7, PMPK’s sponsors must communicate their acceptance of the purchase price determined by the exchange within a ten-day timeframe.”

It was further clarified that “The company’s voluntary delisting is contingent upon receiving acceptance from the Sponsors and the company fulfilling all other stipulated requirements.”

Earlier in March, PMPK, a part of Philip Morris International (PMI), decided to procure all of the company’s shares and voluntarily withdraw its listing from the PSX.

PMI, as the ultimate shareholder of PMPKL, possesses 97.65% of the shareholding through its subsidiaries, Philip Morris Investments B.V. (PMIBV) and Philip Morris Brands SARL (PMBS).