The Board of Directors of the Searle Company Limited approved to sale entire shareholding in its subsidiary Searle Pakistan Limited to IJARA Capital Partners Limited-led consortium.
This decision was made during a Board of Directors meeting on July 31, 2024.
Searle disclosed this information to the Pakistan Stock Exchange (PSX) through a notice on Wednesday in accordance with Sections 96 and 131 of the Securities Act, 2015 and Clause 5.6.1(a) of the Rule Book of the PSX.
The sale, which constitutes approximately 90.61% of the issued and paid-up share capital of SPL, will be to a consortium led by IJARA Capital Partners Limited (ICPL) through its Private Equity & Venture Capital Fund or its nominees.
The transaction is subject to finalizing the terms of the sale, fulfilling conditions precedent, and obtaining necessary corporate, third-party, and regulatory approvals, including approval from the shareholders of The Searle Company Limited.
The company has committed to keeping the Pakistan Stock Exchange informed about the progress of this transaction.
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In November 1993, the Company was converted into a public limited company under the repealed Companies Ordinance, 1984 (now Companies Act, 2017).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 is the Parent Company, which holds 56.32% shareholding in the Company.
