Searle to buy Luna Pakistan for Rs8.6 billion

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KARACHI: The Searle Company Limited will buy 100 percent of the issued and paid up share capital of Luna Pakistan (Private) Limited for an aggregate purchase price of Rs8.6 billion, a company notice sent to the Pakistan Stock Exchange (PSX) said.

Luna Pakistan indirectly owns 100 percent of the issued and paid up share capital of OBS Pakistan (Private) Limited. 

Searle will pay Rs4.25 billion in cash at the time of the transfer of shares of Luna Pakistan and Rs 1.25 billion shall be paid on a deferred payment basis, the notice to PSX said.

The remaining amount of Rs3.1 billion shall be settled through the transfer of 100% shares of IBL Identity (Private) Limited — a wholly owned subsidiary of Searle.

Furthermore, Searle has granted a call option to the seller to acquire 25% shares of Luna (or its successor-in-interest) within a period of 12 months from the transfer of shares of Luna to the company, the notice said.

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