Searle acquires Searle IV Solutions and SVPL in Rs7.25bn deal

MG News | May 25, 2023 at 04:44 PM GMT+05:00

0:00

May 25, 2023 (MLN): The Searle Company Limited (PSX: SEARL) will acquire two associated companies, Searle IV Solutions (Private) Limited and Stellar Ventures Private Limited (SVPL), for a total of Rs7.25 billion, the company’s filing on PSX showed today.

The board meeting held today provided the approval for the acquisition of 100% of the issued and paid-up share capital of Searle IV Solutions (Private) Limited and SVPL for an aggregate price of Rs3.5bn and 3.75bn respectively.

This is subject to shareholder and regulatory approvals.

The company will also issue 121.4m right Shares at Rs35 per share, to increase its paid-up share capital by 31.13%.

The Right Issue will help the company grow its portfolio by buying shares Searle IV Solutions (Private) Limited.

Moreover, It will also help the company lower its debt and leverage in a rising interest rate scenario, and improve its profitability and financial ratios. This is expected to boost shareholder returns.

The dates of closure of the Share Transfer Books will be communicated later. The company expects these moves to enhance its growth and profitability in the future.

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