Wyeth Pakistan Announces to De-List from PSX

Wyeth Pakistan Ltd (PSX) announces that its parent firm, Wyeth LLC, USA, has agreed to acquire the shares of all minority shareholders to enhance owning and de-list the company. The company is now listed on the Pakistan Stock Exchange.

This transition is based on a notice from Wyeth LLC, USA – the Pakistani subsidiaries' parent company – currently owning 40,55% of the company's share in Wyeth Pakistan. The company has a stake in this movie.

The letter also indicated that the shares owned by Wyeth Holdings LLC are to be held by Wyeth Holdings LLC. LLC shall remain held in the de-listed company in securities and shares.

At present, no information has been given on the price per share of the purchase from the minority investors' shares.

Its share price leapt at the PSX yesterday (Tuesday) at RS 89.59 and entered its upper circuit at the market closing at Rs 1.284.18. This was the product of an exciting rush by investors to mop up the small floating stock, hoping that the repurchase will take place at a premium above market value.

Wyeth Pakistan is one of the seven most expensive PSX-listed scrips.

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