JOPP to buy out minority shareholders, de-list from PSX

KARACHI: Johnson & Phillips (Pakistan) Limited (JOPP), a maker of electrical equipment, said on Monday it would buy out its minority shareholders and de-list from the Pakistan Stock

Exchange (PSX), following a similar move by Pak Suzuki Motor Company Limited (PSMC) last week.

“This is to inform to all the shareholders that Muhammad Anis Mianoor the majority shareholder(s) of Johnson & Phillips (Pakistan) Limited has decided to purchase all the shares of the company held by others," the company said in a statement to PSX. “The shareholders of the company passed a special resolution for de-listing of the company.”

The shareholders of JOPP on January 18, 2024, resolved that the company shall be delisted from the PSX upon completion of all regulatory requirements as prescribed by the PSX.

Accordingly, the sponsors of the company agreed to purchase 545,983 ordinary shares of the company, each with a face value of Rs10, at a buyback price of Rs160, as determined and approved by the Voluntary Delisting Committee of the Exchange on December 18, 2023.

“This purchase price has also been approved by the Pakistan Stock Exchange Limited in accordance with its regulations.”

JOPP said the share purchase offer will be valid from 30th January 2024 to 1st April 2024 both days inclusive.

“After this period, it is intended that the company will be delisted from the Pakistan Stock Exchange Limited.”

The company’s move follows a similar decision by Pak Suzuki Motor Company Limited, the Pakistani unit of Japan’s Suzuki Motor Corporation, which announced last week that it would buy back its shares at Rs609 per share, 50 percent higher than its initial offer in December.

PSMC, which cited losses, lack of dividends and low valuations as reasons for its de-listing, had originally offered to buy the 26.91

percent of its shares held by minority shareholders at Rs406 per share.

The higher price, determined by the Voluntary Delisting Committee, would cost the Japanese parent company an extra Rs4.5 billion if it buys all the shares on offer.