OBS Pakistan to acquire Globe Textile Mills Ltd

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KARACHI: OBS Pakistan (Private) Limited, a pharmaceutical company, through the newspaper advertisement, has shown its interest to acquire 14,891,829 ordinary shares of Globe Textile Mills Limited, which is 90.99 per cent share capital of the said company, with management control.

In this connection, AKD Securities Ltd has been appointed as the lead manager of the offer by OBS Pakistan (Pvt) Ltd according to with the law and regulation of the Securities and Exchange Commission of Pakistan (SECP).

AKD Securities also issued a public notice on PSX website, in which it said, “In accordance with the Listed Companies (Substantial Acquisition of Voting Share and Take-over) regulations, 2017 (regulations) read with Securities Act 2015 (Act). We are pleased to submit a public announcement of intention on behalf of OBS Pakistan (Pvt) Ltd, a private company Limited by share incorporated under the law of Pakistan to acquire 14,891,829 ordinary shares of Globe Textile Mills Limited (the Target Company) constituting 90.99 per cent of the issued share capital of the target company, together with management control.”

OBS is ranked among the top 20 pharmaceutical players amongst 695 companies with a strong presence in Pakistan and Sri Lanka. It is among the very few companies in Pakistan which have specialised in developing strategic business alliances with reputed international firms like Organon, Merck and Co. Inc. USA and Schering Plough by providing a full range of high-quality professional services encompassing manufacturing, marketing and sales of pharmaceutical and consumer health products.

The OBS group operates via its five sister concerns OBS Pakistan (formerly Merck Sharp and Dohme of Pakistan), Schering Plough Pakistan, OBS Healthcare (formerly Organon Pakistan), OBS Pharma (Focusing on branded generics), and Aklima Clinical Research. OBS has developed expertise in major health segments like Cardiology, Neuropsychiatry, Anti-Infectives, Gastroenterology, Gynecology, Ophthalmology, Pulmonology, Endocrinology, Vaccines and Bone Disorders.

OBS has a strong presence all over Pakistan with over 250 professionally trained medical representatives covering more than 20,000 healthcare professionals across the country. Its products are available in over 15,000 pharmacies across Pakistan.