ICI Pakistan enters a Scheme of Arrangement with Cirin Pharmaceuatical

MG News | December 23, 2019 at 02:37 PM GMT+05:00

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December 23, 2019 (MLN): The Board of Directors of ICI Pakistan Limited (ICI) and Cirin Pharmaceuticals (Private) Limited (Cirin) in their meeting held on today, have approved a Scheme of Arrangement whereby all assets and liabilities of Cirin will stand transferred to and vest in ICI Pakistan against cancellation of the corresponding shares of Cirin owned by ICI Pakistan.

The Scheme shall take effect as of the effective date, being the date notified by ICI Pakistan within one month of transfer of Cirin’s drug manufacturing license to ICI Pakistan.

In this regard, the BOD has further authorized finalization and execution of the Scheme which includes the issuance of notices to secured creditors and filing of the approved Scheme with SECP.

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