Searle acquires 100% shareholding of Luna Pak
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KARACHI: Searle Company Limited has acquired 100 per cent shareholding of Luna Pakistan (Pvt) Ltd, said a company announcement at PSX website.
It said, “further to the disclosure made by the company on December 17, 2019 and March 6, 2020, we hereby inform you that 100% shareholding of Luna Pakistan (Private) limited, (Luna) which indirectly (through Lunar Pharma (pvt) Limited) owns 100% of the issued and paid up share capital of OBS Pakistan (Private) Limited (OBS) has been acquired and transferred to the company from Universal Ventures (private) Limited (UVPL).”
The company notice said, “furthermore, the company has also made an equity injection of Rs 7.200 billion in Luna for the purposes of setting and swapping the finance facility availed by Luna from Habib Bank Limited through availing a new finance facility from Habib Bank Limited itself.”
Luna, which is already acquired by UV against Rs 11 billion is now owned by Moonis Abdullah, the son of Rashid Abdullah, who is the largest shareholder of International Brands Ltd (IBL). IBL’s currently holding of 57 per cent in Searle is a clear indication of “conflict of interest” related parties involved in this transaction.
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