October 23, 2019 (MLN): The Searle Company Limited via notification to PSX has informed that Board of Directors of the Company at a meeting held on October 22, 2019, resolved subject to obtaining all necessary corporate and regulatory approvals to acquire 100% of the issued and paid-up share capital of Luna Pakistan (Private) Limited (“Luna”).
Luna indirectly owns 100% of the issued and paid-up capital share capital of OBS Pakistan (Private) Limited, from Universal Ventures (Private) Limited for an aggregate purchase price of PKR 8,600,000,000 upon terms which are negotiated by the parties.
The transaction price shall be paid by the company as follows.
PKR 1,250,000,000 shall be paid on a deferred payment basis.
The balance amount of PKR 3,100,000,000 shall be settled through the transfer of 100% shares of IBL identity (Private) Limited (a wholly own subsidiary of the company).
Furthermore, the company has granted a call option to the seller to acquire 25% shares of Luna (or its successor-in-interest) within a period of 12 months from the transfer of shares of Luna to the company.
Besides, the board has authorized the necessary persons to take all requisite steps with respect to the transaction, including to negotiate, finalize and execute the transaction documents, and obtain all necessary consents and approvals and take all other actions and steps for the purposes of the transaction.
