SEARLE resolves to enter into call option arrangement with UVPL

MG News | August 30, 2021 at 02:46 PM GMT+05:00

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August 30, 2021 (MLN): The Board of Directors of The Searle Company Ltd (SEARLE) has resolved to enter into an arrangement with Universal Ventures (Private) Limited (UVPL) to, inter alia, settle and release the Company with respect to its obligations under the call option arrangement, and have UVPL release its rights and entitlements with respect thereto, for consideration of Rs600 million.

The above resolution came after the discussion of the call notice issued by UVPL to the Company for the purchase of 25% of the shares of Searle Pakistan (Private) Limited (Searle Pakistan).

It is pursuant to the call option granted by the Company to UVPL, along with the negotiations carried out by the representatives of the Company with UVPL to settle the call option and release the Company from its obligations with respect thereto in light of the expected benefits to the Company by maintaining its current shareholding of Searle Pakistan, the notice issued to PSX said.

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