P&G exit: Gillette Pakistan seeks delisting from PSX

Gillette Pakistan Limited has formally applied to the Pakistan Stock Exchange (PSX) for delisting and approval to purchase shares held by minority shareholders. The company disclosed the development in its notice to the exchange on Thursday. The company’s majority shareholder, Procter & Gamble (P&G) Company, which holds 91.72% of Gillette Pakistan’s shareholding through its subsidiary SABV, has initiated the buyback process. “The proposed delisting is a consequence of P&G’s global efforts to accelerate growth and value creation; the company has decided to shift its business and operating model in Pakistan and transition to a third-party distributor model to continue to serve consumers.