Karachi: Philip Morris (Pakistan) Limited has announced its decision to delist its shares from the Pakistan Stock Exchange (PSX) following a meeting of its Board of Directors. The meeting took place on Tuesday, March 25, 2025, at 12:30 p.m. in Karachi, where the decision was made in compliance with rule 5.14 of the Voluntary Delisting Rules outlined in the PSX Rule Book.

During the meeting, the Board resolved to proceed with the delisting process and authorized Philip Morris Investments B.V., the majority shareholder and one of the company’s sponsors, to initiate a buyback of ordinary shares from minority shareholders. The buyback will exclude shares held by Philip Morris Brands SARL, the other sponsor, who will maintain its holdings in the delisted company. The price for the buyback will be determined in accordance with the PSX Rule Book or as advised by the Exchange or the Securities and Exchange Commission of Pakistan.

According to information available from the Pakistan Stock Exchange (PSX), the company has committed to submitting a formal application to the Exchange to facilitate this delisting process. The decision aligns with the applicable provisions of the Securities Act, 2015, ensuring regulatory compliance throughout the procedure.

Philip Morris (Pakistan) Limited’s decision to delist reflects a strategic move by the company and its majority shareholder. The designated market category for this delisting is structured in accordance with the regulations governing the voluntary withdrawal of a company’s shares from public trading. The company has attached a disclosure form with the announcement to inform members of the Exchange about the proceedings and future course of action.