Karachi, The Searle Company Limited, a prominent player in the pharmaceutical industry, has officially announced the issuance of Right Shares to its shareholders in accordance with the provisions of the Companies Act, 2017 and the Companies (Further Issue of Shares) Regulations, 2020. The decision was made during the recent Board of Directors meeting held on May 25, 2023.

Under the terms of the issuance, existing shareholders of the company will receive Right Shares in the ratio of 31.1302746 Ordinary Shares for every 100 Ordinary Shares registered in their name as of the close of business on August 18, 2023. These newly issued shares have been successfully credited into the shareholders’ CDS (Central Depository System) Accounts.

Shareholders who wish to participate in the Right Offer must accept and fully pay for their subscription by September 29, 2023. The subscription price has been set at PKR 35/- per share. To exercise the Right Offer, shareholders are required to request the CDC (Central Depository Company) Participant 1 Investor Account Services (IAS) Department to initiate the Right Subscription Request transaction on their behalf. Once the Right Subscription Request is executed, shareholders will receive two copies of the request printout, which they can use to make the payment through an authorized banker for the specified number of shares.

It’s crucial to note that any Right Offer that remains unclaimed by the CDS account holders by the September 29 deadline will be considered declined. In such cases, the unclaimed right offers will be canceled as per the provisions outlined in Section 83 of the Companies Act, 2017, and the Company’s Board of Directors will decide their allocation.

For shareholders holding fractional entitlements, the Company has made arrangements to consolidate and dispose of these entitlements on the Pakistan Stock Exchange Limited. The proceeds from this disposition will be distributed to the entitled shareholders following the applicable laws and regulations.

The Searle Company Limited has taken these steps in accordance with its commitment to transparent and responsible corporate governance practices, ensuring that shareholders’ interests are protected while also adhering to legal requirements.

For further details and assistance in exercising the Right Offer, shareholders are encouraged to get in touch with the CDC Participant 1 Investor Account Services (IAS) Department.