Lahore September 16 2021: Agreement has been signed between Citi Pharma Limited and Deputy Governor Namangan Region, Uzbekistan to establish a wholly owned subsidiary of the Company in Uzbekistan. This venture will enable the Company to produce syrups, liquids, psychotropic products, general section etc as per notification issued by the company at Pakistan Stock Exchange (PSX).
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Subject to the regulatory approvals, the said projects shall be completed within one year. The Project will be undertaken at a total project cost of USD 3.0 million whereby Citi Pharma Limited will contribute USD 1.00 million as equity while local/ International Banks at Uzbekistan will provide a long term debt USD 2.00 million at subsidized rates. Uzbekistan Government has sanctioned a land area of 05 hectare (12.35 Acre) free of cost. Furthermore, the underlying project would have the tax free status for a period of 10 years.
This intended subsidiary company will be producing the substitute of the formulation products which Uzbekistan is currently importing from different countries. However, Citi Pharma Limited will be providing API material to its subsidiary and other Pharmaceutical companies in Uzbekistan from Pakistan and also will get foothold in Uzbekistan to develop export market.