Baby Care and Pakistani firm Shield Corporation Limited have proposed to purchase 209,598 ordinary shares, equivalent to 5.37 percent of the company’s paid-up capital. The company will buy these shares at a price of 465.17 rupees per share.
According to sources, this move comes at a time when Shield Corporation submitted a formal request to the stock exchange on Friday, seeking approval to delist the company and buy shares from minority shareholders. Sources said the company stated that the purchase price has been determined in accordance with Stock Exchange Regulations 5.14.1.
The company reportedly added that the sponsors (owners) believe that it is in the best interest of the company’s minority shareholders to provide them a fair opportunity to exit their investment.
Shield Corporation’s authorized share capital is 150 million rupees, consisting of 15 million (1.5 crore) ordinary shares at 10 rupees per share. Of these, 3.9 million shares with a total nominal value of 39 million rupees have already been issued and fully paid.
Shield Corporation Limited was established in Pakistan in 1975 as a public limited company. Sources say the company serves the needs of over 300 towns and cities across Pakistan. Additionally, it has a presence in Europe, Asia, and Africa.
