BF Biosciences gets go-ahead from FEROZ's board to explore private equity, IPO

MG News | February 07, 2024 at 02:50 PM GMT+05:00

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February 07, 2024 (MLN): The Board of Directors (BoD) of Ferozsons Laboratories Limited (PSX: FEROZ) on Wednesday allowed its 80% owned subsidiary BF Biosciences Limited (BFBL) to raise additional financing through way of private equity, bank loans and/or potential initial public offering (IPO).

Further, the Board has also authorized management to finalize terms of engagement with the shortlisted consultants for the aforesaid transactions where applicable.

Earlier, BF Biosciences Limited requested the board of FEROZ to review and approve its proposed sources of financing.

BF Biosciences Limited was established exclusively for the manufacture of biologicals and it is the first and only company in Pakistan currently to have a biotech manufacturing facility.

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