The Pakistan Stock Exchange (PSX) accepted the voluntary delisting request from tobacco giant Philip Morris from its index, according to a press release issued on Friday.
Headquartered in Stamford, Connecticut, Philip Morris is one of the leading tobacco companies operating in Pakistan, and its product portfolio includes cigarette brands such as Marlboro, Parliament, Morven by Chesterfield, Diplomat, K2 and Red and White.
The PSX said that Philip Morris was voluntarily delisted under PSX Regulation 5.14 and Section 19(5) of the Securities Act, 2015. It added that the delisting would go into effect on Monday, October 6.
“The shareholders of the company, who may desire to avail the opportunity of buy back of shares by the sponsors, are advised to approach Topline Securities,” the press release read.
“The purchase agent and sponsor of the company have already submitted an undertaking to purchase the remaining shares held by the minority shareholders at a price of Rs1,300 per share, which is valid up to September 29, 2026.”
The press release stated that the offer to buy back shares was valid until September 29, 2026.
In May this year, Minister for National Food Security and Research Rana Tanveer Hussain was informed that Philip Morris is the biggest tobacco company in Pakistan.
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