Suzuki Motor Corp. plans to take full control of Pak Suzuki, delist its shares

A man walks past a Suzuki outlet, displaying cars in Karachi, Pakistan, on July 27, 2022. (REUTERS/File)
Short Url
Updated 19 October 2023
Follow

Suzuki Motor Corp. plans to take full control of Pak Suzuki, delist its shares

  • Pak Suzuki, which assembles Suzuki vehicles in Pakistan, cites losses, nonpayment of dividends and low share price as reasons 
  • Suzuki Motor Corp. currently holds about 73.09 percent share of Pak Suzuki based on Pak Suzuki’s latest annual statement 

KARACHI: Pak Suzuki Motor Company’s majority shareholder Suzuki Motor Corp. plans to take full control of the carmaker and delist it from the Pakistan Stock Exchange, Pak Suzuki said on Thursday. 

Pak Suzuki, which assembles Suzuki vehicles and motorcycles in Pakistan, said in a statement to the Pakistan stock exchange its losses in 2019, 2020, 2022, nonpayment of some dividends and a low share price were among the reasons for the decision. 

“In view of the foregoing ... Suzuki Motor Corporation intends to obtain full ownership of Pak Suzuki by purchasing all outstanding shares and securities held by minority shareholders, in order to increase ownership and delist the company from the Pakistan Stock Exchange,” Pak Suzuki’s statement said. 

“Considering the unfavorable situation for minority shareholders, it would be beneficial for them to be offered a fair exit,” the statement said. 

Suzuki Motor Corp. currently holds about 73.09 percent of Pak Suzuki based on Pak Suzuki’s latest annual statement. 

The company’s shares were 7.5 percent higher at the close on Thursday. 

Pak Suzuki also reported on Thursday a loss after tax of 5.871 billion Pakistani rupees ($21.20 million) during the nine-month period in 2023. 

Pak Suzuki had to implement a series of temporary shutdowns during the current year, along with other automakers in Pakistan. These were due to delays to letters of credit needed for imports, and weak demand in Pakistan due to rising interest rates and diminishing purchasing power. 

Pak Suzuki’s statement also said that within Suzuki’s global strategy, Pakistan remains one of the most important markets and the Japanese company is convinced of the future potential of Pakistan. 


Pakistan mulls space-based monitoring to support port expansion, maritime safety

Updated 10 sec ago
Follow

Pakistan mulls space-based monitoring to support port expansion, maritime safety

  • Minister says satellite technology could aid port planning and environmental protection
  • Islamabad seeks to modernize ports as it eyes transshipment role, Central Asian trade

KARACHI: Pakistan is considering the use of space-based monitoring systems to support port expansion, maritime safety and environmental protection, the country’s maritime affairs minister said on Wednesday, as he visited the headquarters of the national space agency.

The visit comes as Islamabad seeks to position itself as a transshipment hub by upgrading cargo handling, streamlining import and export processes and offering its southern ports on the Arabian Sea to landlocked Central Asian states as trade gateways.

“Advanced space-based monitoring systems can play a vital role in safeguarding seas, improving maritime management and strengthening responses to environmental threats,” Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry said, according to a statement released after his visit.

Chaudhry was briefed on satellite-based assessments identifying potential sites for new ports, as well as tools for maritime traffic monitoring and disaster response.

Pakistan has been working to expand and modernize its port infrastructure to improve efficiency and attract regional cargo flows, particularly as it seeks to enhance connectivity through its coastline along the Arabian Sea.

During the visit, officials from the Pakistan Space and Upper Atmosphere Research Commission (SUPARCO) outlined the use of high-resolution satellite imagery, artificial intelligence and digital modelling to monitor ports, track cargo dwell time, detect oil spills and support search-and-rescue operations at sea.

“We can benefit from continuous monitoring of coastal ecosystems to assess water quality, sediment dispersion and overall environmental health,” Chaudhry said, adding that data-driven approaches were essential for informed policymaking in the maritime sector.

He also highlighted the growing risks posed by climate change, including rising sea levels, coastal erosion and extreme weather events, and said stronger cooperation between maritime authorities and scientific institutions was needed to protect coastal communities and infrastructure.

SUPARCO officials said the agency was ready to develop artificial intelligence-based solutions for ports and maritime operations, including systems to address customs-related inefficiencies and improve emergency response times.
The minister said the ministry and SUPARCO would move toward formalizing cooperation through a structured framework to support joint initiatives.