Exploring financial options for SEARL Pakistan Limited

In a notification sent to PSX on 17/04/2024, Searle Pakistan Limited (SEARL) has announced that it is exploring strategic funding paths for Searle Pakistan Limited.

At a meeting of the Board of Directors of The Searle Company Limited (the “Company”) held on April 17, 2024, the Board discussed, considered, and authorized the Company to explore the feasibility/viability of generating funding/liquidity in respect of its subsidiary, namely Searle Pakistan Limited (“SPL”), by pursuing one or more of the following transactions i.e. (a) reconsider listing of SPL on PSX, following Rule 5 of the Rule Book of PSX by way of an initial Public Offering (IPO) following Public Offering Regulations, 2017 (b) seeking equity investment into SPL through strategic equity partner under a joint venture arrangement or (c) strategic sale of SPL or its business and (d) placement of one of SPL with multiple investors through private placement process.

The shares of SEARL were last trading at Rs.59.66 today.