KARACHI: Procter & Gamble (P&G) has announced to discontinue operations in Pakistan as part of a global restructuring plan, a move that may also lead to the company’s delisting from the Pakistan Stock Exchange.
According to a notice sent to Pakistan Stock Exchange (PSX), the Gillette Company LLC has conveyed to Gillette Pakistan Limited, including its Board of Directors, the decision of the Procter & Gamble Company to discontinue its business in Pakistan as part of its global restructuring program, including portfolio, supply chain and organization choices to accelerate growth and value creation.
A meeting of the Board of Directors of Gillette Pakistan Ltd will be convened shortly to evaluate the actions required for this business discontinuation – including, where relevant, the potential de-listing of Gillette Pakistan Limited from the Pakistan Stock Exchange, in compliance with all applicable legal and regulatory requirements.
Meanwhile, the company in an statement said that in line with P&G’s global efforts to accelerate growth and value creation, the Company has decided to shift business and operating model in Pakistan and transition to a third-party distributor model to continue to serve consumers.
“This means we will wind down the manufacturing and commercial activities of P&G Pakistan and Gillette Pakistan Ltd. and serve consumers from our other operations in the region”, it added.
The company said that it will continue to operate the business in the ordinary course until the process is complete, which may take several months. Supporting this Company decision, P&G Pakistan and the supporting regional teams will begin transition planning immediately, with a focus first on P&G people.
As per announcement, employees whose roles are impacted by this decision will be considered for opportunities in other P&G operations outside Pakistan or will be offered separation packages in accordance with local laws, company policies, and our values and principles.
After consideration of a broad range of options, the Company has decided a third-party distribution model is the most prudent way to continue to serve consumers in Pakistan at this time.
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