Searle Pakistan to raise Rs3.24 billion to expand its operations

Searle Pakistan Limited aimed to raise Rs3.24 billion by issuing approximately 240 billion ordinary shares utilising the 100% Book Building Method at a floor price of Rs13.50 per share in order to develop its operations. Consequently, a listing application was submitted to the Pakistan Stock Exchange (PSX), as per the notification published by the exchange today.

Using the revenues, the company will establish a new pharmaceutical manufacturing facility in Lahore, capable of producing high-quality Intravenous (IV), Ophthalmology, Dermatology, and other Oral Solid Dosage (“OSD”) goods or Options.

The corporation may choose to conduct the project through the acquisition of a domestic IV production facility.

It is important to note that SPL’s current production plant is incapable of producing these products. The OSD items proposed for the new site are distinct from those now manufactured at the old facility.

This new manufacturing facility will have the capacity to create 8 million packs of medication annually and store 35,000 pallets.

SPL is one of the leading pharmaceutical companies in the nation, with a major presence in Pakistan and Sri Lanka.

It is one of the few pharmaceutical companies in Pakistan to have strategic business agreements with internationally renowned corporations such as MSD, Vifor, Organon, and Santen.

This has been accomplished by providing a comprehensive variety of high-quality professional services spanning the production, marketing, and sale of pharmaceutical and consumer health products.