SEARL to divest 90.61% stake in Searle Pakistan to IJARA-led consortium

MG News | July 31, 2024 at 02:53 PM GMT+05:00

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July 31, 2024 (MLN): The Searle Company Limited's Board of Directors has decided to sell its entire shareholding in Searle Pakistan Limited (SPL), previously named OBS Pakistan Limited, amounting to approximately 90.61% of SPL's issued and paid-up share capital.

The buyer is a consortium led by IJARA Capital Partners Limited (ICPL) through its Private Equity & Venture Capital Fund.

The sale is contingent on finalizing the terms, meeting conditions precedent, and securing necessary corporate, third-party, and regulatory approvals, including shareholder consent.

On May 15, 2024, the BoD authorized the management to negotiate and finalize the deal terms with the relevant parties and submit the finalized terms for the consideration of the Board.

In May 2019, SEARL announced that it was acquiring OBS Pakistan Limited.

The company is principally engaged in manufacturing pharmaceuticals and other consumer products. International Brands (Private) Limited is the Parent Company, which holds 56.32% shareholding in the company.

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