SEARL authorized to disinvest 100% shareholdings in IBL identity to Universal Ventures

June 29, 2021 (MLN): The shareholders of The Searle Company Ltd (SEARL), in an EGM, held on June 28, 2021, have authorized the company to disinvest/sell 100% of the issued and paid-up share capital of IBL Identity (Private) Limited, being its wholly-owned subsidiary to Universal Ventures (Private) Limited (or its nominees), for an aggregate amount of PKR 3,526,875,000.

It was further resolved as per the notice issued to PSX that Mr. S. Nadeem Ahmed, the Chief Executive Officer, and/or Mr. Zubair Razzak Palwala, the Director and Secretary of the Company, or such other person(s) as may be authorized by any of them (the "Authorized Persons"), be and are hereby, jointly or severally, authorized and empowered to take all necessary steps, make the requisite decisions from time to time, do all such acts, deeds and things, obtain necessary approvals, and to execute and deliver all such deeds, agreements, declarations, undertakings and guarantees, including any ancillary document thereto or provide any such documentation for and on behalf and in the name of the Company as may be necessary or required or as they or any of them may think fit for or in connection with or incidental for the purposes of carrying out the proposed resolutions.

The members also resolved that all actions heretofore taken by any of the Authorized Persons on behalf of the Company in respect of the above matters are hereby confirmed, ratified and adopted by the Company in full.

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