Lahore: Citi Pharma Limited has announced the board's approval and recommendation of a Scheme of Arrangement and Demerger. This development was officially disclosed on July 8, 2026, in accordance with Section 96 of the Securities Act, 2015, and Clause 5.6.1 of the Pakistan Stock Exchange Rule Book.
The board meeting, held on July 8, 2026, endorsed the proposed Scheme which involves the transfer and vesting of specific immovable properties into Citi Core Holdings (Private) Limited. This entity is a wholly-owned Special Purpose Vehicle, established to facilitate a Real Estate Investment Trust (REIT) structure. The properties include a 4.1 kanal site located at 71-E, Hali Road, Gulberg III, Lahore, and a 27.15 kanal property at Mouza Haloki, near Khayaban-e-Zafar, Tehsil Model Town Extension, Lahore.
In exchange for these properties, Citi Core Holdings (Private) Limited will issue 331,720,000 ordinary shares, each valued at Rs.10, to Citi Pharma Limited. This issuance aligns with the Auditor's Swap Ratio Certificate, which was prepared by independent Chartered Accountants.
The proposed Scheme has been submitted to the shareholders following directions from the Honourable Lahore High Court, Lahore. It is scheduled for consideration at the Company's Extraordinary General Meeting on July 8, 2026. Implementation of the Scheme is contingent upon shareholder approval, the sanction of the Lahore High Court, and the fulfillment of all legal and regulatory requirements.
According to information available from the Pakistan Stock Exchange (PSX), this strategic move is part of Citi Pharma Limited's broader efforts to streamline operations and focus on core business areas. The company's actions reflect ongoing adjustments within the designated market category, aimed at optimizing asset management and enhancing shareholder value.
The outcome of the Extraordinary General Meeting and subsequent legal processes will determine the future course of action for Citi Pharma Limited in relation to this Scheme of Arrangement and Demerger.