Major Shareholder Muhammad Anis Mianoor Set to Purchase Remaining Shares in Johnson & Phillips (Pakistan) Ltd.

Karachi, Johnson & Phillips (Pakistan) Ltd., a longstanding player in the Pakistan Stock Exchange, has announced a significant development. Muhammad Anis Mianoor, a major shareholder, has decided to purchase all remaining shares of the company held by other shareholders. This move follows the special resolution passed for delisting the company from the Pakistan Stock Exchange during the Extraordinary General Meeting on January 18, 2024.

Mr. Mianoor has offered to buy the company’s shares at a price of Rs. 160 per share. This purchase price has been approved by the Pakistan Stock Exchange Limited in accordance with its regulations. The offer will be valid from January 30, 2024, to April 01, 2024, inclusive. Following this period, it is anticipated that Johnson & Phillips (Pakistan) Ltd. will be delisted from the Pakistan Stock Exchange.

The offer is available to all shareholders of the company, including those holding physical share certificates and those whose shares are held as book-entry securities in the Central Depository System of the Central Depository Company of Pakistan Limited (CDC).

To avail the offer, shareholders are required to submit various documents, including share certificates and a copy of the National Identity Card, to Adam Securities Ltd., the authorized Purchase Agent. The documents can be sent by registered mail, courier service, or delivered in person to Adam Securities Ltd., located at Suite No. 806-814, 8th Floor, Main Stock Exchange Building, I.I Chundrigar Road, Karachi.

Upon verification of the share certificates and other documents by the Company’s Share Department/Registrar, C&K Management Associates, shareholders will be requested to collect payment for their shares at the rate of Rs. 160 per share, less the TREC Holder’s commission, from Adam Securities Ltd. The payment to shareholders will be made within three weeks from the date of issuance of the receipt.

For shares through the CDC, the Purchase Agent will execute the purchase through the Trading System of PSX, and payment to sellers will be made as per the Clearing Schedule notified by the Pakistan Stock Exchange.

This strategic move by Muhammad Anis Mianoor marks a significant change in the ownership structure of Johnson & Phillips (Pakistan) Ltd., setting a new course for the company’s future.