On Tuesday, Wyeth Pakistan Ltd, a listed company on the pharmaceutical sector, informed the Pakistan Stock Exchange that the parent company, Wyeth LLC, USA resolved to consider purchase of shares from all minority security holders in order to increase its ownership and de-list the company.
Wyeth LLC, USA currently holds 40.55 per cent shareholding in Wyeth Pakistan.
The company observed that the shares held by Wyeth Holdings LLC, previously Wyeth Holdings Corporation, USA being an affiliate of Wyeth LLC would continue to hold securities and shares in the de-listed entity. The company made the disclosure of the price sensitive information under rule 5.13 of Voluntary Delisting Rules of the PSX.
Wyeth Pakistan did not, however disclose at what price per share did the majority stockholder intended to buy out the minority investors’ stake.
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.