The Board of Directors of Searle Company Limited (PSX: SEARL) has in-principal approved the disposal of 100 percent shareholding/ control of Searle Pakistan Limited (SPL), the company informed the main bourse on Wednesday.

‘Furthermore, the Board of Directors has authorized the management to negotiate and finalize the deal terms with the relevant parties and submit the finalized terms for the consideration of the Board,’ the stock filing added.

SEARL first announced in April its decision to explore the’feasibility/viability of generating funding/liquidity’ in respect of its subsidiary (SPL) by pursuing the following options:

through an initial public offering or

via equity investment through a strategic equity partner under a joint venture arrangement, or

strategic sale of SPL or its business, or

placement of shares of SPL with multiple investors through private placement process

SEARL Company is principally engaged in the manufacture of pharmaceutical and other consumer products. International Brands
(Private) Limited is the Parent Company, which holds 56.32 percent shareholding in the Company.

Source: Pro Pakistani