The Board of Directors of Searle Company Limited (PSX: SEARL) has preliminarily approved the complete divestiture of its ownership/control of Searle Pakistan Limited (SPL), as announced to the main bourse on Wednesday.
Additionally, the Board of Directors has granted authorization to the management to engage in negotiations and conclude the terms of the deal with the pertinent parties, and subsequently present the finalized terms to the Board for review,” the stock filing elaborated.
In April, SEARL initially announced its intention to assess the possibility of securing funding or liquidity for its subsidiary (SPL) by considering the following alternatives:
- An initial public offering.
- Equity investment through a strategic partnership in a joint venture.
- Strategic sale of SPL or its business.
- Placement of SPL shares among various investors through a private placement process.
SEARL Company primarily focuses on manufacturing pharmaceuticals and other consumer goods. Its parent company, International Brands (Private) Limited, holds a 56.32 percent stake in the company.
