Searle Pakistan to raise Rs3.24bn to expand its operation

December 15, 2022 (MLN): In order to expand its operation, Searle Pakistan Limited 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. Thus, applied for the listing at Pakistan Stock Exchange (PSX), as per the notification issued by the bourse today.

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.

The company may opt to implement the project through the buyout of the local IV manufacturing facility in the country.

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.

The company has achieved this by providing a full range of high-quality professional services encompassing manufacturing, marketing, and sales of pharmaceutical and consumer health products.

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