SEARL to sell Nooriabad property to Universal Ventures for Rs510mn

MG News | July 14, 2022 at 02:18 PM GMT+05:00

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July 14, 2022 (MLN): The Board of Directors of Searle Company Limited (PSX: SEARL), have allowed the company to enter into a transaction with Universal Ventures Pvt Limited (UVPL) for the sale of property for Rs510mn, the company’s filing on bourse showed today.

The property to be sold for a total consideration of Rs510mn is located at Plot No. B/168, S.I.T.E area, Nooriabad, District Jamshoro, measuring approximately 25 acres.

At the time of reporting this, the stock of the company is being traded at Rs107.70, up by Rs1.47 or 1.38% from yesterday's price.

Last year in August, the Board resolved to enter into an arrangement with Universal Ventures (Private) Limited (UVPL) to settle and release the Company with respect to its obligations under the call option arrangement and have UVPL release its rights and entitlements with respect thereto, for consideration of Rs600 million.

The above resolution came after the discussion of the call notice issued by UVPL to the Company for the purchase of 25% of the shares of Searle Pakistan (Private) Limited (Searle Pakistan).

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