The Board of Directors of Gillette Pakistan Limited (PSX: GLPL) Thursday gave the go ahead to delist the company from the Pakistan Stock Exchange (PSX).
The Board of Directors gave approval to commence all appropriate preparatory and execution steps, for an orderly business closure in Pakistan, subject to compliance with applicable laws and regulations.
The company will make a formal application to the PSX for the delisting of the shares of the company from.
Upon acceptance of the application of delisting its shares from the PSX, in accordance with the Rule Book, a general meeting of the shareholders of the Company will be convened and held within thirty days of agreement with the PSX on the purchase price, determined in accordance with the Rule Book, to seek approval through a special resolution for the delisting of the shares of the company from PSX, which general meeting of the shareholders shall be held on such date as may be determined by the Board of Directors, or at any time (but within thirty days of agreement on the purchase price), after the approval of the application for the delisting of shares.
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For the purposes of the general meeting of the shareholders as aforesaid, the Register of the Members and Share Transfer Books of the company will be closed for a period of 7 days prior to the said general meeting of shareholders, the dates of such closure being determined by the Company Secretary.
Moreover, the delisting and subsequent buy back of ordinary shares held by the minority shareholders of the company, will take place to an extent and at a price to be determined in accordance with the Rule Book.
In an earlier notice to the PSX, GLPL said that Gillette Company LLC has conveyed the decision of the Procter & Gamble Company to discontinue its business in Pakistan as part of its global restructuring program.
