Wyeth Pakistan Ltd, a pharmaceutical company listed on the Pakistan Stock Exchange (PSX), announced that its parent company, Wyeth LLC, USA has decided to purchase its shares from all the minority shareholders in order to increase its ownership and de-list the company.
According to a notification submitted to the PSX, this move comes from Wyeth LLC, USA – the parent company of the Pakistani subsidiary – which currently holds a 40.55 percent shareholding in Wyeth Pakistan.
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The letter also announced that the shares held by the affiliated Wyeth Holdings LLC will remain with the said company. The LLC will continue to hold the securities and shares in the de-listed entity.
Currently, no details regarding the price per share at which the buyback will take place from the minority investors’ stake have been provided by the company.
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Its share price jumped by Rs. 89.59 at the PSX yesterday (Tuesday), with the stock closing at Rs. 1,284.18 and hitting its upper circuit. This was the result of excited investors rushing to mop up the minor floating stock, with the expectation that the repurchase will be done at a premium price over the market value.
Wyeth Pakistan is among the seven highest-priced scrips listed on the PSX.
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