Pak Suzuki decides to delist from Pakistan Stock Exchange
- By Web Desk -
- Dec 04, 2023
Pak Suzuki Motor Company (PSMC) on Monday officially issued a statement and decided to delist its stock from the Pakistan Stock Exchange (PSX) market, ARY News reported on Monday.
According to the official notification, the company decided to buy back all the shares from the small stakeholders.
In the statement, Pak Suzuki stated that 26.91 percent or a total of 22,145,760 shares of the company are in the stock market at the price of Rs 406 per share and appointed Arif Habib Limited its agent to buy the shares of the company.
Pak Suzuki in its statement claimed that the company has been operating at a loss for the past three years.
On October 19, Pak Suzuki announced a temporary shutdown of its production plant due to an ongoing shortage of essential raw materials.
According to details, Pak Suzuki Motor Company (PSMC) announced to shut down its production activities for a limited period.
“Due to the shortage of inventory levels, the management of the company has decided to shut down the automobile plant from October 25, 2023, to October 27, 2023. However, the motorcycle plant will continue its operations,” said the PSMC, in a statement issued by its company secretary.
“The current level of inventory and parts shortages within the company’s supply chain has severely disrupted operations. As a result, the company is unable to continue production and, consequently, will halt its plant from October 24, 2023, to October 31, 2023,” said the statement.