September 2, 2021 (MLN): The Board of Directors of Otsuka Pakistan Limited, at their meeting held on August 31, 20201 has discussed the possibility for IV Solutions 1000 mL and Glass Bottles manufacturing facility (Line-II) to be upgraded to improve in accordance with GMP compliance.
The entire project expenses are estimated at up to Rs200 million and will be completed by March 2023. All the costs of this project will be utilized from overdraft facilities available with bankers of the Company.
“In light of the expected benefits to the Company from this up-gradation; it has been resolved by the Board to enter into this GMP improvement,” the company’s notice to PSX said.
The notice further stated that Company had recorded an impairment loss of Rs6.7 million on account of Orthopedic Kits, Power Tools sets, and Fermoral Holders due to closure of Orthopedic Knee Implant
business.
“The above impairment and the closure of Orthopedic Knee import and local trading business are duly approved by the Board of Directors of the Company,” it added.
