P&G too winding down operations

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.