PSX approves listing application of Searle Pakistan

January 11, 2023 (MLN): The Pakistan Stock Exchange (PSX) has approved the listing application and draft prospectus of Searle Pakistan Limited (SPL), a notice issued by company to PSX on Wednesday showed.

To note, SPL is the subsidiary of Searle Company Limited (SEARL).

The company will provide further updates as the matter progresses, the notification read.

Earlier, SPL has intended to raise Rs3.24 billion by issuing over 240bn ordinary shares using the 100% Book Building Method at a floor price of Rs13.50 per share.

The company will utilize the proceeds to set up a new pharmaceutical manufacturing facility in Lahore, capable of producing high-quality Intravenous (IV), Ophthalmology, Dermatology, and other Oral Solid Dosage (“OSD”) products or Options.

It is pertinent to mention that the existing manufacturing facility of SPL is not able to produce these products. The OSD products planned for the new facility are different from the ones being produced by the existing manufacturing facility.

This new manufacturing facility will be able to produce 8 million packs of medicine annually and will also have a storage capacity of 35,000 pallets.

SPL is ranked amongst the top pharmaceutical players in the country with a strong presence in Pakistan and Sri Lanka.

It is among the few pharma companies in Pakistan that have strategic business alliances with reputed international firms such as MSD, Vifor, Organon, and Santen.

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