While the Unilever management has accepted the Karachi Stock Exchange (KSE) board's instructions to increase offer price from Rs 9,700 to Rs 15,000, foreign investors are asking the regulator to scrutinise the delisting rules which allow delisting without considerable consultation with minority shareholders.
In a letter written to Chairman SECP on April 2, ACACIA Partners, which holds 4.1 percent stake in Unilever Pakistan, thanked the Special Committee and the KSE for showing their involvement in the delisting process by requesting a higher price.
"Throughout the process, we received many words of encouragement from regulators, other shareholders and market participants for being more vocal than is typical for us. We have been very impressed by the genuine care shown by so many for the rights of minorities. Such care by securities regulators and exchanges is essential to building a healthy investment atmosphere of trust and transparency," the letter said.
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