KARACHI: Wyeth LLC is considering purchasing outstanding securities and shares presently listed at Pakistan Stock Exchange (PSX) of Wyeth Pakistan Limited, which would result in delisting of Wyeth Pakistan from PSX, a bourse filing said.
Wyeth LLC holds 40.55 percent stake in Wyeth Pakistan.
At the trading on Tuesday, the Wyeth share jumped by Rs89.59 to close at Rs1,284.18. The share hit its upper circuit as excited investors dashed to mop up the minor floating stock.
“Board of Directors of Wyeth LLC, U.S.A. has resolved that Wyeth LLC is considering purchase of outstanding securities and shares presently listed at the Pakistan Stock Exchange of Wyeth Pakistan Limited, barring those held by Wyeth Holdings LLC.”
Wyeth Holdings will continue to hold securities and shares in the de-listed entity.
Wyeth will acquire shares from all minority security holders with the purpose to increase ownership and consider de-listing of the company.
Wyeth did not disclose at what price per share did the majority stockholder intended to buy out the minority investors’ stake.
Wyeth Pakistan Limited was established in 1949 as a public limited company. The ultimate parent company is Pfizer Corporation. Wyeth LLC, USA and Wyeth Holdings Corporation LLC, USA are the principal shareholders of Wyeth Pakistan, while the former two are also the subsidiaries of Pfizer Corporation.
The company operates in the pharmaceutical industry, importing, marketing, distribution and sale of ‘research based ethical specialties and other pharmaceutical products’.
Around 10 percent of Wyeth Pakistan’s shares are with the resident individuals, while the directors, CEO, their spouses and minor children, hold a very negligible share in the company- less than 1 percent.