Searle Company to divest entire stake in Searle Pakistan Limited

The Board of Directors of The Searle Company Limited on Wednesday has in-principal approved the disposal of 100% shareholding and control of Searle Pakistan Limited.

The company shared this development with the Pakistan Stock Exchange (PSX) through a notice on Wednesday. 

This decision comes after a formal notice of intention was issued on April 17, 2024, complying with Sections 96 and 131 of the Securities Act, 2015, and Paragraph 5.6.1(a) of the Pakistan Stock Exchange Limited’s Rule Book.

The board has also authorised the management to negotiate and finalise the deal terms with the relevant parties and submit the finalised terms for the consideration of the board.

Earlier, on April 17, the Board of Directors of The Searle Company Limited discussed, considered, and authorised the company to explore the feasibility of generating funding/liquidity in respect of its subsidiary, namely Searle Pakistan Limited. 

This was decided that funding will be pursued by one or more of the following transactions i.e. (a) reconsider listing of SPL on PSX, (b) seeking equity investment into SPL through strategic equity partner under a joint venture arrangement or (c) strategic sale of SPL or its business and or (d) placement of shares of SPL with multiple investors through private placement process.

The Searle Company Limited was incorporated in Pakistan as a private limited company in October 1965. 

In November 1993, the company was converted into a public limited company under the repealed Companies Ordinance, 1984 (now Companies Act, 2017). 

The company is principally engaged in the manufacture of pharmaceuticals and other consumer products. 

International Brands (Private) Limited as a parent company holds 56.32% of the in Searle Pakistan Limited.