PSX will be removed

PSX will be removed from the list of Wyeth Pakistan Ltd next month

The Pakistan Stock Exchange (PSX) has accepted a request for voluntary delisting of Wyeth Pakistan Limited, which will be delisted on April 4.

According to the shares, a shareholder of a company wishing to take advantage of the opportunity to repurchase shares by sponsors is advised to contact the procurement agent Arif Habib Limited.

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The company’s procurement agent and sponsors have already pledged to buy the remaining shares of the minority shar eholders at the price of Rs. 2000 for each share, valid until February 25, 2023.

Wyeth Pakistan Limited, one of Pakistan’s leading pharmaceutical companies working with a group based in the United States, was planning to withdraw from PSX. The move comes from Wyeth LLC of the United States, the parent company of a Pakistan subsidiary that currently has a 40.55 percent stake in Wyeth Pakistan.

Wyeth Pakistan Limited is engaged in the import, marketing, distribution and sale of research-based ethical specialties and other pharmaceutical products.

Pfizer Inc. is the main parent of the company. Wyeth Holding Corporation USA, a subsidiary of Wyeth LLC and Pfizer Inc., is a major shareholder in USA.

In 2017, the company made an impressive profit of Rs. 980 million. Next year, the company reported a loss of Rs. 11 million. Rs restored profitability. 23 million in 2019, but Rs reported a huge loss. 131 million in 2020

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