Shield Corporation Limited (SCL), a Pakistani manufacturer of baby care and hygiene products, has decided to delist from the Pakistan Stock Exchange (PSX).
The company announced the development in a filing to the bourse on Wednesday.
“The Board of Directors of the company has resolved to delist the company from PSX under rule 5.14 of Voluntary Delisting rules of the rule book for which the company shall submit a formal application to the PSX and for which sponsors of the company have been authorised to buyback ordinary shares held by minority shareholders of the company to an extent and at a price to be determined in accordance with the regulations or as may be determined by the PSX or the Securities Exchange Commission of Pakistan (SECP) for voluntary delisting of the company from the PSX,” read the notice.
On Wednesday, the share price of Shield Corporation closed at Rs408, an increase of Rs37.09 or 10%.
Earlier in May, the company decided to discontinue producing diapers, while continuing operations in its other lines of business.
Shield Corporation Limited was incorporated in Pakistan as a public limited company in 1975.
The company’s principal business activity is the manufacturing, trading, and sale of oral hygiene and baby care products. SCL caters to the needs of over 300 towns and cities in Pakistan. Besides, the company has a presence in Europe, Asia, and Africa.
The development comes after several companies, listed on the bourse, have opted for delisting.
Earlier in March, Philip Morris Investments B.V., an affiliate of Philip Morris International (PMI), decided to purchase all the shares of the company and voluntarily delist from the PSX.
Last year, Johnson & Phillips (Pakistan) Limited (JOPP), a manufacturer of electrical equipment, decided to delist from the exchange.
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