Citi Pharma to establish its subsidiary in Uzbekistan

September 16, 2021 (MLN): The Management of the Citi Pharma Limited has informed through a notification to exchange that the agreement has been signed between the company and Deputy Governor Namangan Region, Uzbekistan to establish a wholly owned subsidiary of the company in Uzbekistan.

This venture will enable the Company to produce syrups, liquids, psychotropic products, general section etc.

Subject to the regulatory approvals, the said projects shall be completed within one year. The project will be undertaken at a total project cost of US$ 3.0 million whereby Citi Pharma Limited will contribute US$ 1.00 million as equity while local/ International Banks at Uzbekistan will provide a long-term debt US$ 2.00 million at subsidized rates.

The notice further added that Uzbekistan Government has sanctioned a land area of 5 hectare (12.35 Acre) free of cost. Furthermore, the underlying project would have the tax-free status for a period of 10 years.

This intended subsidiary company will be producing the substitute of the formulation products which Uzbekistan is currently importing from different countries. However, Citi Pharma Limited will be providing API material to its subsidiary and other pharmaceutical companies in Uzbekistan from Pakistan and also will get foothold in Uzbekistan to develop export market.

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