July 27, 2023 (MLN): The shareholders of Searle Company Limited (PSX: SEARL) have resolved to acquire a 100% stake in its associated companies, ‘Searle IV Solutions (Private) Limited (SIV) and Stellar Ventures (Private) Limited (SVPL)’, at a consideration of Rs3.5 billion and Rs3.75bn respectively, the company’s filing on PSX revealed today.
“The company be and is hereby authorized to acquire 5.4 million ordinary shares, having face value of Rs100/-each, of its associated company i.e. SIV,” the notice reads.
This constitutes the purchase of 100% of the issued and paid-up share capital of SIV from IBL Operations (Private) Limited, for an aggregate purchase price of PKR Rs3.5bn.
Moreover, the shareholders in their AGM held on July 26 have authorized SEARL to acquire 12.1m shares of its associated company i.e. SVPL, having a face value of Rs10/- each, constituting 100% of the issued and paid-up share capital of SVPL, from Universal Ventures (Private) Limited (UVPL), for an aggregate amount of Rs3.75bn.
“The amount shall be adjusted/set off against a part of the company's receivable balance due from UVPL, subject to compliance with all statutory and legal requirements and finalization of deal terms and documents with UVPL,” the notice reads further.
The shareholders have further resolved that the authorized share capital of SEARL be and is hereby increased from Rs6bn divided into 600m ordinary shares of Rs10/- each, to Rs7bn, divided into 700m ordinary shares of Rs10/- each.
The aforementioned addition is by the creation of 100m additional ordinary shares of Rs10/- each, to rank pari passu in every respect with the existing ordinary shares of the company.
