October 19, 2023 (MLN): The Board of Directors of United Distributors Pakistan Limited (PSX: UDPL) has given the green light to enter into a non-compete agreement with International Brands (Private) Limited (IBL), the latest company's filing on the PSX showed today.
Accordingly, UDPL will now refrain from competing with IBL in the business of distribution, marketing, and sale of human pharmaceutical products with a consideration to be negotiated and finalized being not less than Rs1 billion subject further to execution of a formal agreement to this effect and compliance with any regulatory requirements.
The Board further authorized any two directors of the Company to finalize the terms and sign the agreement.
This is in reference to the October 02 announcement when IBL offered to provide suitable compensation to be discussed and finalized with UDPL in reference to the announcement/disclosure on May 15, 2023, wherein IBL approached UDPL and proposed that UDPL should consider refraining from competing with IBL in human pharmaceutical products.
