Gillette Pakistan Limited has formally applied delisting from the Pakistan Stock Exchange (PSX), requesting approval to purchase minority-held shares.
Last month, Gillette Pakistan announced that its parent company, Procter & Gamble (P&G), will discontinue its operations in Pakistan.
On Thursday, the company, in a notice to the exchange, said that Procter & Gamble (P&G) Company, which holds 91.72% of Gillette Pakistan’s shareholding through its subsidiary SABV, has begun the buyback process.
SABV plans to buy back 2,638,059 shares at a minimum price of Rs216.49 per share. This valuation has been set in accordance with the provisions outlined in Regulation 5.14.1 of the applicable Regulations.
Also read: Procter & Gamble to shut down operations in Pakistan
Earlier, P&G announced its decision to cease manufacturing and commercial operations in Pakistan.
The company will instead partner with third-party distributors to maintain its presence and continue serving customers across the South Asian market.
