PHOTO: AFP
KARACHI: WICI Pakistan Limited announced on Tuesday it is considering a potential acquisition in relation to its life science business portfolio.
The company, however, did not disclose the name of the entity it is considering.
The acquisition is “subject to finalisation of negotiations of commercial terms, completion of due diligence, execution of definitive agreements and receipt of regulatory approval,” Saima Kamila Khan, Company Secretary, ICI Pakistan said in a notice sent to the Pakistan Stock Exchange.
Share price of the company increased 0.64%, or Rs5.66, and closed at Rs878.10 with a volume of 64,400 shares at the Exchange.
Wyeth Pakistan divestment
In a separate notification to the Exchange, Wyeth Pakistan - a pharmaceutical firm - said it is considering selling a production facility along with some of the products being produced there.
“A strategic proposal is being considered by the Board of Wyeth Pakistan Limited for disposal of its manufacturing facility and certain related products manufactured at the facility,” Dr. Farid Khan, Chief Executive of the firm said in the notification.
“No disclosure of material information has been made by the company in this respect as the company believes that no decision has been taken by the Board in relation to the proposal and it would have been misleading for the market to make any pre-mature disclosure,” he added.
The company’s share increased by the maximum upper limit of 5%, or Rs217.40, and closed at Rs4,565.40 with a volume of 2,860 shares.
Published in The Express Tribune, December 7th, 2016.
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