Searle Company Limited has announced that its Board of Directors has given the approval to buy 100 percent of issued and paid-up share capital of Luna Pakistan (Private) Limited for an aggregate purchase price of Rs. 8.6 billion.
According to the notification to the PSX, the acquisition is subject to obtaining all necessary corporate and regulatory approvals to acquire 100% of the issued and paid-up share capital of Luna Pakistan (Private) Limited (“Luna”).
Luna indirectly owns 100% of the issued and paid-up capital share capital of OBS Pakistan (Private) Limited, from Universal Ventures (Private) Limited for an aggregate purchase price of Rs. 8,600,000,000 upon terms which are negotiated by the parties.
The transaction price shall be paid by the company as follows.
- Searle will pay Rs. 4.25 billion in cash at the time of the transfer of shares of Luna Pakistan.
- Rs. 1.25 billion shall be paid on a deferred payment basis.
- The remaining amount of Rs. 3.1 billion shall be settled through the transfer of 100% shares of IBL Identity (Private) Limited — a wholly-owned subsidiary of Searle.
Furthermore, the company has granted a call option to the seller to acquire 25% shares of Luna (or its successor-in-interest) within a period of 12 months from the transfer of shares of Luna to the company.
Besides, the board has authorized the necessary persons to take all requisite steps with respect to the transaction, including negotiation and finalization of the transaction documents, and obtaining all necessary consent and approval for the purposes of the transaction.