SEARL board approves disposal of Searle Pakistan Limited(SPL)

In a notification sent to PSX on 15/05/2024, The Searle Company Limited (SEARL) has announced that the company board advances deal negotiations for subsidiary sales.

Pursuant to our earlier disclosure/notice of intention dated April 17, 2024 and in accordance with Sections 96 and 131 of the Securities Act, 2015 and Paragraph 5.6.1(a) of the Rule Book of the Pakistan Stock Exchange Limited (“PSX”), we hereby convey the following information: At a meeting of the Board of Directors of The Searle Company Limited (the “Company”) held at 12:00 p.m. on Wednesday, May 15, 2024 at 3” Floor, One IBL Centre, Shahrah-e- Faisal, Karachi, the Board has in-principal approved the disposal of 100% shareholding / control of Searle Pakistan Limited. 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.

SEARL shares were last trading at Rs. 60.05 today.