The Board of Directors of The Searle Company Limited (PSX: SEARL) has approved the sale of its entire shareholding in its subsidiary Searle Pakistan Limited (SPL) to IJARA Capital Partners Limited (ICPL) led consortium.
In a notice to the Pakistan Stock Exchange (PSX) on Wednesday, SEARL said that the shareholding constitutes approximately 90.61 percent of the issued and paid up share capital of SPL.
The sale to IJARA Capital Partners Limited led consortium through its Private Equity & Venture Capital Fund or its nominees would be subject to finalizing the terms of the sale, fulfilment of conditions precedent, and obtaining necessary corporate, third party and regulatory approvals, including the approval of the shareholders of the company.
SEARL is principally engaged in the manufacture of pharmaceutical and other consumer products. International Brands (Private) Limited is the Parent Company, which holds 56.32 percent shareholding in the company.