UDPL completes non-compete agreement with IBL, receives Rs1.131bn

MG News | May 15, 2024 at 11:56 AM GMT+05:00

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May 15, 2024 (MLN): United Distributors Pakistan Limited (PSX: UDPL) has received the full amount of Rs1.131 billion from International Brands (Private) Limited (IBL) as part of the consideration for the non-compete agreement (NCA).

To recall on October 19, 2023, the company's Board of Directors approved entering into the NCA for a limited period to refrain from competing with IBL in the business of distribution, marketing and sale of human pharmaceutical products.

The consideration was negotiated and finalized being not less than Rs1bn subject further to execution of a formal agreement to this effect and compliance with any regulatory requirements.

It is worth mentioning that UDPL's principal business activities are manufacturing, trading and distribution of pesticides, fertilizers and other allied products.

Meanwhile, IBL is a diversified business house engaged in a wide range of business activities in Pakistan.

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