Citi Pharma Limited (PSX: CPHL) has approved a Scheme of Arrangement and Demerger that will transfer two of its Lahore properties into a newly established wholly owned subsidiary as part of a planned Real Estate Investment Trust (REIT) structure, according to a notice submitted to the Pakistan Stock Exchange (PSX).
The company’s board of directors approved the proposal at its meeting held on July 8, 2026 under the relevant provisions of the Companies Act, 2017.
The restructuring involves transferring a 4.1 kanal property on Hali Road, Gulberg III, and a 27.15 kanal property near Khayaban-e-Zafar in Haloki, Lahore, to Citi Core Holdings (Private) Limited, a special purpose vehicle established for the proposed REIT structure.
As consideration for the transfer, Citi Core Holdings will issue 331.72 million ordinary shares with a face value of Rs. 10 each to Citi Pharma. The share swap will be carried out in accordance with an independent auditor’s swap ratio certificate.
The proposed scheme has been placed before shareholders for consideration at an Extraordinary General Meeting (EGM) and will remain subject to shareholder approval, sanction by the Lahore High Court, and the completion of all applicable legal and regulatory requirements before it can take effect.
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