AIRLINK 196.38 Increased By ▲ 4.54 (2.37%)
BOP 10.11 Increased By ▲ 0.24 (2.43%)
CNERGY 7.75 Increased By ▲ 0.08 (1.04%)
FCCL 38.10 Increased By ▲ 0.24 (0.63%)
FFL 15.74 Decreased By ▼ -0.02 (-0.13%)
FLYNG 24.54 Decreased By ▼ -0.77 (-3.04%)
HUBC 130.38 Increased By ▲ 0.21 (0.16%)
HUMNL 13.73 Increased By ▲ 0.14 (1.03%)
KEL 4.60 Decreased By ▼ -0.07 (-1.5%)
KOSM 6.19 Decreased By ▼ -0.02 (-0.32%)
MLCF 44.85 Increased By ▲ 0.56 (1.26%)
OGDC 206.51 Decreased By ▼ -0.36 (-0.17%)
PACE 6.58 Increased By ▲ 0.02 (0.3%)
PAEL 39.77 Decreased By ▼ -0.78 (-1.92%)
PIAHCLA 17.20 Decreased By ▼ -0.39 (-2.22%)
PIBTL 7.99 Decreased By ▼ -0.08 (-0.99%)
POWER 9.20 Decreased By ▼ -0.04 (-0.43%)
PPL 178.91 Increased By ▲ 0.35 (0.2%)
PRL 38.93 Decreased By ▼ -0.15 (-0.38%)
PTC 24.31 Increased By ▲ 0.17 (0.7%)
SEARL 109.27 Increased By ▲ 1.42 (1.32%)
SILK 1.00 Increased By ▲ 0.03 (3.09%)
SSGC 37.75 Decreased By ▼ -1.36 (-3.48%)
SYM 18.83 Decreased By ▼ -0.29 (-1.52%)
TELE 8.53 Decreased By ▼ -0.07 (-0.81%)
TPLP 12.14 Decreased By ▼ -0.23 (-1.86%)
TRG 64.76 Decreased By ▼ -1.25 (-1.89%)
WAVESAPP 12.11 Decreased By ▼ -0.67 (-5.24%)
WTL 1.64 Decreased By ▼ -0.06 (-3.53%)
YOUW 3.87 Decreased By ▼ -0.08 (-2.03%)
BR100 12,000 Increased By 69.2 (0.58%)
BR30 35,548 Decreased By -112 (-0.31%)
KSE100 114,256 Increased By 1049.3 (0.93%)
KSE30 35,870 Increased By 304.3 (0.86%)

Eyeing expansion, Pakistan's Citi Pharma Limited said that it is planning to establish a multi-million dollar, wholly-owned, subsidiary in Uzbekistan.

The company has signed an agreement with the Deputy Governor Namangan Region, Uzbekistan to establish a wholly-owned subsidiary of the company in Uzbekistan, informed Citi Pharma in its filing to the Pakistan Stock Exchange on Thursday.

“This venture will enable the company to produce syrups, liquids, psychotropic products, general section etc,” read the statement.

Citi Pharma informed that, subject to regulatory approvals, the said project shall be completed within one year. “The project will be undertaken at a total project cost of $3 million whereby Citi Pharma would contribute $1 million as equity while local/ international banks at Uzbekistan will provide a long-term debt of $2 million at subsidised rates.”

The government of Uzbekistan has sanctioned a land area of 5 hectares (12.35 acres) free of cost. Furthermore, the underlying project would have a tax free status for a period of 10 years, the notice added.

“This intended subsidiary company will be producing the substitute of the formulations products which Uzbekistan is currently importing from different countries,” said Citi Pharma.

IPO oversubscribed: Citi Pharma raises Rs2.32bn in book building

“However, Citi Pharma Limited will be providing API material to its subsidiary and other pharmaceutical companies in Uzbekistan from Pakistan and also will get foothold in Uzbekistan to develop export market.”

Back in June, Citi Pharma raised Rs2.32 billion in total, making it the second pharma sector IPO in 23 years.

Citi Pharma has achieved revenue growth from Rs 1,016 million in FY16 to Rs 3,528 million in FY20, a 36.2% CAGR in 5 years. The company recorded Rs 4,015 million in sales during the nine months of FY21 already surpassing last year’s sales.

The company is planning to expand its existing capacity of 3,600 tonnes per annum of paracetamol to 6,000 tonnes per annum. In addition, the company says it plans to add new APIs as well as a pharmaceutical formulation, or final products, to its existing product line.

Comments

Comments are closed.