PSX Sets New Benchmark for Shareholder Protection; Hikes Gillette Buyback to Rs 700.
The Pakistan Stock Exchange (PSX) has set a new benchmark for minority shareholder protection by hiking the
PSX protects minority shareholders by hiking Gillette Pakistan’s buyback price to Rs 700 per share.
The Pakistan Stock Exchange (PSX) has set a new benchmark for minority shareholder protection by hiking the minimum buyback price for Gillette Pakistan Limited (GLPL) to Rs 700 per share. This is a massive jump from the initial proposal of Rs 216.49 submitted by the majority shareholder, Series Acquisition B.V. (SABV), which holds a 91.72% stake in the company.
The Voluntary Delisting Committee (VDC) of the PSX significantly raised the threshold after a thorough review, aimed at ensuring fair value for the 8.28% of public shares remaining in the market. Following this announcement, Gillette Pakistan’s shares reacted positively, hitting the upper circuit with a 10% increase to trade at Rs 450.22. The sponsors now have ten days to accept or reject this exchange-determined price.
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