Procter & Gamble to exit Pakistan as part of global restructuring

In a major corporate development, Gillette Pakistan Limited announced that its parent company, Procter & Gamble (P&G), will discontinue its business operations in Pakistan as part of a global restructuring plan. The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday. “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 organisation choices to accelerate growth and value creation,” read the notice. Gillette Pakistan Limited said that a meeting of the Board of Directors will be convened shortly to evaluate the actions required for this business discontinuation, including, where relevant, the potential delisting of Gillette Pakistan Limited from the Pakistan Stock Exchange, in compliance with all applicable legal and regulatory requirements.