Karachi April 17 2024: Searle Company Limited may list its subsidiary Searle Pakistan Limited on Pakistan Stock Exchange for meeting liquidity requirements of the entity.
The Board of Directors of The Searle Company Limited held on April 17, 2024, the Board discussed, considered and authorized the Company to explore the feasibility/ viability of generating funding/ liquidity in respect of its subsidiary, namely Searle Pakistan Limited (“SPL”),
The funds will be generated by pursuing one or more of the following transactions i.e. (a) reconsider listing of SPL on PSX, in accordance with Rule 5 of the Rule Book of PSX by way of an initial Public Offering (IPO) in accordance with Public Offering Regulations, 2017 (b) seeking equity investment into SPL through strategic equity partner under a joint venture arrangement or (c) strategic sale of SPL or its business or (d) placement of shares of SPL with multiple investors through private placement process.
