Wyeth sets repurchase price at Rs1,284.18 per share

Wyeth Pakistan Lim­ited on Monday disclosed the minimum purchase share for the buyback transactions with the minority shareholders at Rs1,284.18 per share.

The pharmaceutical firm had first informed the Pakistan Stock Exchange (PSX) on May 18, 2021, that the majority shareholder in the company Wyeth LLC, USA intended to repurchase all outstanding shares presently listed at the bourse, barring those held by Wyeth Holdings Corporation, being the wholly-owned subsidiary of Wyeth LLC.

The company intends to repurchase 396,579 shares comprising 27.90 per cent of the capital of the company and seek voluntary delisting from the PSX.

In the earlier dispatch to the PSX on May 18, Wyeth had not disclosed the repurchase price.

Following the disclosure of information, the stock price of Wyeth Pakistan suffered a steep fall of Rs15.30 to hit its lower lock and close at Rs1,866.19 per share at the trading on Monday.

Wyeth Pakistan said, “The propo­sed minimum purchase price had be­en determined in accordance with the requirements of the regulation 5.14.1 of PSX Rule Book”. How­ever, going by the practice adopted in previous repurchase transactions, the buyback price of the Wyeth sto­ck must not be understood to be final.