The Board of Director of Unilever Pakistan Limited has announced to accept the proposal of de-listing of shares of the Company from the Karachi, Lahore and Islamabad Stock Exchanges. It is intended that the offer made by Unilever Overseas Holdings Limited will remain open for acceptance by the shareholders of the Company for a period of 60 days.
The Board also emphasised the Company to make a formal application to all three Stock Exchanges for the de-listing of the shares of the Company from those Stock Exchanges. According to a information sent to all stock exchanges by Unilever Pakistan, the Board of Directors of Unilever Pakistan Limited (hereinafter 'the Company') have, at their meeting held on December 3, considered and accepted the proposal made by the majority shareholder Unilever Overseas Holdings Limited of United Kingdom, who presently holds 75.07 percent of the total issued shares of the Company, to de-list the shares of the Company from the Karachi, Lahore and Islamabad Stock Exchanges in accordance with the voluntary de-listing provisions of their respective Listing Regulations and to seek the revocation of the CDS eligibility of the shares of the Company.
"Upon acceptance of the Company's application for de-listing, an Extraordinary General Meeting of the shareholders of the Company be convened to seek their approval through a special resolution for the de-listing of the shares of the Company from the Karachi, Lahore and Islamabad Stock Exchanges," the Board passed resolution in its meeting.
In addition, for the purposes of the Extraordinary General Meeting aforesaid the Register of Members and the Share Transfer Books of the Company be closed for a period of seven days prior to the said meeting; the dates of such closure being determined by Ehsan A Malik, Chairman of the Board of Directors of the Company.
The Board also resolved that the Company do apply for and secure from the Central Depository Company of Pakistan Limited the revocation of the CDS Eligibility to the shares of the Company effective upon the de-listing of the shares of the Company from the Karachi, Lahore and Islamabad Stock Exchanges.
The Board resolved further that Ehsan A Malik, chairman of the Board of Directors and Director and Chief Executive Officer of the Company, Imran Husain, Director of the Company, and Amar Naseer, Company Secretary, and each of them is hereby authorised singly to do all such acts, deeds and things and to execute and deliver all such applications, notices, undertakings, agreements, deeds, documents and papers for and on behalf and in the name of the Company, as may be required for and in connection with the de-listing of the shares of the Company.