Searle to sell Pakistan unit

KARACHI: The Searle Company Limited has announced plans to sell its 100 percent shareholding and control in Searle Pakistan Limited, a subsidiary of the pharmaceutical company.

In a statement to the Pakistan Stock Exchange (PSX) on Wednesday, the company said its board of directors has in principle approved the disposal of its stake in Searle Pakistan Limited.

“Furthermore, the board of directors has authorised the management to negotiate and finalise the deal terms with the relevant parties and submit the finalised terms for the consideration of the board,” the statement said. 

The announcement triggered profit-taking, causing Searle's stock to decline by 3.8 percent by the day's end, brokerage Chase Securities said.