The Board of Directors of The Searle Company Limited (PSX: SEARL) has approved the sale of its 90.61 percent shareholding in its subsidiary, Searle Pakistan Limited (SPL), to a consortium led by IJARA Capital Partners Limited (ICPL).
In a notice to the Pakistan Stock Exchange (PSX) on Wednesday, SEARL confirmed that the transaction, involving SPL’s entire issued and paid-up share capital, is subject to finalizing sale terms, fulfilling conditions precedent, and securing necessary corporate, third-party, and regulatory approvals, including shareholder consent.
SEARL, which focuses on the manufacture of pharmaceutical and consumer products, is predominantly owned by International Brands (Private) Limited, which holds a 56.32 percent stake in the company.