Citi Pharma approves REIT demerger plan

July 08, 2026 (MLN): The Board of Directors of Citi Pharma Limited (PSX: CPHL), in its meeting held on 08 July 2026, approved and recommended a Scheme of Arrangement and Demerger.

The proposed Scheme provides for the transfer and vesting of two immovable properties of the Company into Citi Core Holdings (Private) Limited, a wholly-owned Special Purpose Vehicle incorporated in connection with the proposed Real Estate Investment Trust (REIT) structure.

The properties comprise a 4.1-kanal property situated at 71-E, Hali Road, Gulberg III, Lahore, and a 27.15-kanal property situated at Mouza Haloki, near Khayaban-e-Zafar, Tehsil Model Town Extension, Lahore.

As consideration for the transfer, Citi Core Holdings (Private) Limited shall issue 331,720,000 ordinary shares of Rs10 each to Citi Pharma Limited, in accordance with the Auditor's Swap Ratio Certificate issued by independent Chartered Accountants.

The Scheme has been placed before the shareholders pursuant to the directions of the Honourable Lahore High Court, Lahore, and is scheduled for consideration at the Extraordinary General Meeting of the Company to be held on 08 July 2026.

Implementation of the Scheme shall remain subject to approval by the shareholders, sanction of the Honourable Lahore High Court, Lahore, and completion of all applicable legal and regulatory requirements.

The aforementioned information was disseminated through a notification to Exchange.

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