Karachi: Philip Morris (Pakistan) Limited has initiated a voluntary delisting process from the Pakistan Stock Exchange (PSX), following an extensive revaluation of its assets. In a formal communication submitted to the PSX on May 27, 2025, the company outlined the steps taken in response to the stock exchange's letter dated May 13, 2025.

The revaluation, conducted by the PSX-approved independent valuer Joseph Lobo (Pvt.) Limited, aimed to determine the intrinsic value of the company's assets as of March 31, 2025. This comprehensive evaluation involved a thorough examination of property documents and onsite inspections to assess land features and accessibility.

According to the valuation report dated April 23, 2025, adjustments were required in the reported area of the company's fixed assets, specifically land holdings. The revised details of the company's immoveable fixed assets are as follows: the Sahiwal factory spans 83,401 square yards, land in Mardan covers 62,216 square yards, Mandra's land encompasses 101,578 square yards, Swabi's land measures 28,599 square yards, and Naushera's land includes 63,636 square yards.

According to information available from the Pakistan Stock Exchange (PSX), these adjustments in land area do not affect the measurement, classification, or presentation of the company's assets in its annual financial statements for the year ending December 31, 2024. The updated information will be integrated into the financial statements for the following year, ensuring compliance with PSX requirements.

The disclosure has been made through the Public Company Registration System (PUCARS) in accordance with the PSX directive. Additionally, an auditor's certificate has been provided to affirm the accuracy of the disclosed information. The company has expressed its commitment to transparency and adherence to PSX regulations throughout this process.

Philip Morris (Pakistan) Limited's decision to seek delisting marks a significant step in its corporate strategy, reflecting its ongoing evaluation of operational and financial practices. The company has yet to announce any further strategic plans following the completion of this delisting procedure.