Citi Pharma Limited (CPHL), a Pakistani pharmaceutical company, has decided to venture into the real estate sector with the formation of Citi REIT Management Company, its wholly owned subsidiary.
The pharmaceutical shared the development in a notice to the Pakistan Stock Exchange (PSX) on Friday.
The Board of Directors (BoD) of the pharmaceutical has approved “the formation of and approval for the establishment of Citi REIT Management Company as a wholly owned subsidiary of Citi Pharma Limited and to allow the formation of an approval of fundraising for real estate projects,” read the notice.
Additionally, the BoD also approved the formation of a biological plant, including separate facilities for different types of Insulin (Regular Insulin, Glargine, Lispro, Aspart, Detemir, Degludec), GLP-1 (Semaglutide and Bio-similar).
CPHL’s board also gave its approval for setting up an antibiotic plant for the formulation section. Furthermore, the company is also engaging in discussions on the formation of a joint venture with international partners for the development of a hospital. It has decided to utilize the hospital proceeds from an Initial Public Offering (IPO) in the establishment of its pharmaceutical projects.
Last year in December, CPHL entered into a strategic partnership with Mersi Farma, an Indonesian pharmaceutical entity, to establish Active Pharmaceutical Ingredient (API) manufacturing facilities and expand its nutraceutical market in Indonesia.
In September, CPHL commenced exports of nutraceuticals to the United States. In July, Citi Pharma entered into a strategic partnership with India’s Murli Krishna Pharma Private Ltd (MKPL). Under the agreement, MKPL would supply APIs and products to CPHL in the Pakistani market.