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The Philip Morris delisting process from the Pakistan Stock Exchange (PSX) is moving forward after its majority shareholder, Philip Morris Investments B.V., accepted the PSX-determined buyback price of Rs1,300 per share for its voluntary exit.
Philip Morris (Pakistan) Limited (PMPK), a leading tobacco company involved in the manufacturing and sale of cigarettes, informed the PSX on Friday that its principal shareholder, Philip Morris Investments B.V., had formally accepted the buyback price of Rs1,300 per share. This marks a significant milestone in the Philip Morris delisting from the local bourse.
“We, Philip Morris Investments B.V., as one of the sponsors and majority shareholder of Philip Morris (Pakistan) Limited (PMPK), hereby convey the acceptance under PSX Regulation No. 5.14.7 to purchase the ordinary shares of the company at a buyback price of Rs1,300 per share,” read the company’s official notice.
The offer applies to all outstanding shares not held by Philip Morris Brands SARL, the other sponsor of the company.
The PSX’s Voluntary Delisting Committee (VDC) met earlier this week to evaluate PMPK’s application for delisting. After thorough discussions with sponsor representatives, the VDC determined Rs1,300 as the minimum acceptable buyback price—nearly double the sponsors’ original offer of Rs664 per share.
Under PSX regulations, the sponsors were given ten days to formally accept the proposed price. Now that this condition has been met, the delisting will proceed, subject to remaining regulatory and procedural requirements.
In March 2025, PMPK, an affiliate of Philip Morris International (PMI), had announced its intention to voluntarily delist and acquire all outstanding shares. PMI already holds a 97.65% stake in PMPK through its subsidiaries, Philip Morris Investments B.V. and Philip Morris Brands SARL.
The acceptance of the new buyback price paves the way for PMPK’s exit from the PSX, concluding a multistep delisting process aimed at consolidating its ownership structure in Pakistan.
