Citi Pharma board approves property transfer plan for proposed real estate investment subsidiary 

Citi Pharma Limited’s board of directors has approved and recommended a Scheme of Arrangement and Demerger for the transfer of two immovable properties into Citi Core Holdings (Private) Limited, a wholly owned special purpose vehicle incorporated for the company’s proposed Real Estate Investment Trust structure.

In a notice to the Pakistan Stock Exchange dated July 08, 2026, the company said the board had approved the scheme at its meeting held the same day under Sections 279 to 283 read with Section 285 of the Companies Act, 2017.

The properties proposed to be transferred include 4.1 kanal situated at 71-E, Hali Road, Gulberg III, Lahore, and 27.15 kanal situated at Mouza Haloki, near Khayaban-e-Zafar, Tehsil Model Town Extension, Lahore.

As consideration for the transfer, Citi Core Holdings (Private) Limited will issue 331,720,000 ordinary shares of Rs 10 each to Citi Pharma Limited. The company said the share issuance will be made in line with the auditor’s swap ratio certificate issued by independent chartered accountants.

The scheme has been placed before shareholders on the directions of the Lahore High Court and will be considered at the company’s Extraordinary General Meeting scheduled for July 08, 2026.

Citi Pharma said implementation of the scheme remains subject to shareholder approval, sanction by the Lahore High Court, and completion of all applicable legal and regulatory requirements.

The latest approval follows Citi Pharma’s earlier announcement on February 26, 2026, that it had received approval from the Securities and Exchange Commission of Pakistan for the reservation of the name “CITI REIT Management Company Limited” to be incorporated as a wholly owned subsidiary. 

The approval allowed the company to move ahead with incorporation and begin the regulatory process for launching a Real Estate Investment Trust, subject to required licences and clearances.

Under the proposed structure, Citi Pharma plans three real estate development projects: one at Hali Road, Lahore, another on company-owned land at Khayaban-e-Zafar, Lahore, and a third near Islamabad International Airport. 

The company had estimated the value of land to be contributed to the proposed REIT management company at around Rs7 billion, to be realised progressively as the projects are launched and executed.

Citi Pharma had also said it would be entitled to its proportionate share of annual dividends from the REIT management company, in addition to the value of its land contribution.