PSX Sets New Benchmark for Shareholder Protection; Hikes Gillette Buyback to Rs 700.
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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.
