Wyeth Pakistan Ltd, a pharmaceutical company listed at the Pakistan Stock Exchange (PSX), has said that its Board of Directors has decided to delist the company and it shall submit a formal application to the bourse in this regard.

The company in its filing to the PSX on Friday informed that a meeting of the Board of Directors of Wyeth Pakistan Limited was held on Thursday to consider the delisting of the shares of the company under rule 5.14 of Voluntary Delisting Rules of the PSX Rule Book pursuant to the notice received from Wyeth LLC, USA.

Wyeth Pakistan Limited on Tuesday informed that the parent company, Wyeth LLC, USA currently holding 40.55 percent of the shareholding in Wyatt Pakistan Limited resolved to consider purchase of shares from all minority security holders in order to increase its ownership and de-list the company.

“The BoD of the company has resolved to delist the company from the PSX under rule 5.14 of Voluntary Delisting Rules of the PSX Rule Book for which the company shall submit a formal application to the PSX and commence steps in accordance with the Rule Book, and for which, Wyeth LLC, USA the majority shareholder of the company intends to buy back the ordinary shares held by the minority shareholders of the company barring those held by Wyeth Holding LLC… at a price to be determined in accordance with the Rule Book,” the Wyeth Pakistan Ltd filing read.