Citi Pharma Limited has submitted a Non-Binding Offer for the potential acquisition of a leading pharmaceutical company in Pakistan.
According to Citi Pharma’s disclosure with the Pakistan Stock Exchange (PSX), the submission of the non-binding offer is part of its ongoing strategic expansion plans to become one of the largest players in the pharma industry of Pakistan.
The company said that any further developments will be subject to the outcome of the due diligence process and subsequent approval(s) by the board of directors and relevant regulatory authorities.
Citi Pharma incorporated as a private limited company under the repealed Companies Ordinance, 1984 on October 08, 2012. The principal activity of the company is manufacturing and sale of pharmaceuticals, medical chemicals and botanical products.
According to the PSX website, Citi Pharma has a market capitalization of approximately PKR 22.12 billion, With 228.46 million outstanding shares, around 35% of these, or roughly 79.96 million shares, are in free float.
