Karachi July 31 2024: The Searle Company Limited is notifying that during a Board of Directors meeting on July 31, 2024, the Board discussed, considered, and resolved to sell the Company’s entire shareholding in its subsidiary, Searle Pakistan Limited (“SPL”).
Company shareholding constituting approximately 90.61% of SPL’s issued and paid-up share capital, and is selling its stake to a consortium led by IJARA Capital Partners Limited (ICPL) through its Private Equity & Venture Capital Fund or its nominees.
This decision is subject to finalizing the terms of the sale, fulfilling conditions precedent, and obtaining necessary corporate, third-party, and regulatory approvals, including the approval of the Company’s shareholders.
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 In November 1993, the Company was converted into a public limited company under the repealed Companies Ordinance, 1984 (now Companies Act, 2017).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 pharmaceutical and other consumer products. International Brands (Private) Limited is the Parent Company, which holds 56.32% shareholding in the Company.
