AGP Limited (PSX: AGP) has decided to increase its stake in OBS Pakistan Limited to 92.5 percent, the company informed the Pakistan Stock Exchange on Friday.
“The Board in its meeting held on June 14, 2023, and through subsequent approval effective from June 23, 2023, has authorized the Company to further invest up to seven and a half percent (7.5%) in the issued and paid up share capital of its subsidiary company, OBS Pakistan (Private) Limited,” the filing stated.
It further said, “This additional investment will increase the total shareholding of the Company up to ninety-two and a half percent (92.5% ) in OBS Pakistan (Private) Limited”.
“The Board has further authorized the management to convene the extraordinary general meeting in due course of time for the purposes of seeking approval from the Shareholders of the Company in respect of the proposed investment,” the filing added.
The principal activities of the Company include import, marketing, export, dealership, distribution, wholesale, and manufacturing of all kinds of pharmaceutical products.
Aitkenstuart Pakistan (Private) Limited (parent company) holds 55.80 percent of the share capital of the Company and West End 16 Pte Limited Singapore is the ultimate parent company.
At the time of filing, the company’s scrip at the bourse was Rs. 51.49, up 0.25 percent or Rs. 0.13 with a turnover of 10,850 shares on Friday.
