Karachi: Liven Pharmaceuticals Pvt. Ltd. and Landmark Spinning Industries Ltd. have successfully received approval from the High Court of Sindh for their merger scheme, marking a significant restructuring in the pharmaceutical and textile sectors. This strategic move was detailed in a letter dated September 2, 2024, previously submitted to the Pakistan Stock Exchange (PSX).

The approved Scheme of Arrangement, according to a letter from Liven Pharmaceuticals dated September 30, 2024, aligns with Sections 279 to 283 and 285 of the Companies Act, 2017. This merger integrates Liven Pharmaceuticals (Private) Limited (LPL) into Landmark Spinning Industries Limited (LMSI), aiming to streamline operations and leverage synergies between the pharmaceutical and textile manufacturing sectors. According to information available from the Pakistan Stock Exchange (PSX), the Scheme received judicial endorsement on August 19, 2024, which has led to the initiation of the merger's execution phase, complying with the terms set forth by the High Court of Sindh.

The company has communicated its commitment to update PSX as required when the scheme's terms and conditions are met. Post-approval, Liven Pharmaceuticals stated that due to this restructuring, it no longer falls under the proviso of PSX Regulation 5.1.1.3(b), which mandates the regular dissemination of material information. The company will, however, continue to provide necessary updates on a timely basis as the integration progresses.