KARACHI: Gillette Pakistan Limited has formally applied to the Pakistan Stock Exchange (PSX) for delisting and approval to purchase shares held by minority shareholders, following its parent company Procter & Gamble’s (P&G) decision to restructure its operations in Pakistan.
According to a notice issued to the exchange on Thursday, P&G’s subsidiary SABV, which owns 91.72% of Gillette Pakistan’s shareholding, has initiated the buyback process to acquire the remaining 8.28% shares — equivalent to 2,638,059 shares — from minority shareholders at a minimum price of Rs216.49 per share, determined under Regulation 5.14.1 of the PSX Rulebook.
“The proposed delisting is a consequence of P&G’s global efforts to accelerate growth and value creation,” the notice stated. “The company has decided to shift its business and operating model in Pakistan and transition to a third-party distributor model to continue to serve consumers.”
As part of this transition, Gillette Pakistan will wind down its manufacturing and commercial operations, making its continued listing on the PSX inconsistent with P&G’s global business strategy. Arif Habib Limited has been appointed as the purchase agent for the delisting process.
Gillette Pakistan’s authorised share capital stands at Rs400 million, divided into 40 million ordinary shares of Rs10 each, with 31.87 million shares issued and fully paid-up.