Categories: Material Information

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.

Aamir Hayat

Recent Posts

Shifa International (SHFA) has returned 150% in two months, will the rally continue?

Shifa International (SHFA) has already rallied 150%, but there is still more upside to the…

3 weeks ago

HUBC’s base plant expiry: What is next for the power giant?

The closure of the Hub Power Company Limited (HUBC) plant marks a significant shift in…

3 months ago

What makes AGTL a high-return investment?

For investors seeking high returns, Al-Ghazi Tractors Limited (AGTL) presents a compelling opportunity.

3 months ago

Why is AGTL poised for growth despite recent challenges?

Al-Ghazi Tractors Limited (AGTL) has demonstrated remarkable resilience in the face of various challenges, and…

3 months ago

What challenges and opportunities does AGTL face in the future?

Al-Ghazi Tractors Limited (AGTL) has established itself as a significant player in the agricultural machinery…

3 months ago

How well did Fatima Fertiliser perform in 2QCY24?

Fatima's 2QCY24 financial performance reflects a challenging quarter, marked by a significant decline in profitability…

3 months ago