KARACHI: Citi Pharma Limited has announced that its Board of Directors has approved and recommended a Scheme of Arrangement and Demerger aimed at restructuring the company’s real estate assets as part of a proposed Real Estate Investment Trust (REIT) framework.
In a notification submitted to the Pakistan Stock Exchange (PSX), the company stated that the board, in its meeting held on July 8, 2026, approved the scheme under the relevant provisions of the Companies Act, 2017 and the Securities Act, 2015.
Under the proposed arrangement, Citi Pharma plans to transfer two immovable properties in Lahore to Citi Core Holdings (Private) Limited, a wholly owned Special Purpose Vehicle (SPV) established in connection with the proposed REIT structure. The assets include a 4.1-kanal property at 71-E, Hali Road, Gulberg III, and a 27.15-kanal property located at Mouza Haloki near Khayaban-e-Zafar, Tehsil Model Town Extension.
As consideration for the transfer, Citi Core Holdings (Private) Limited will issue 331.72 million ordinary shares with a face value of Rs10 each to Citi Pharma. The share exchange will be carried out in accordance with the swap ratio certified by independent chartered accountants.
The company further informed that the proposed Scheme of Arrangement has been placed before shareholders in line with the directions of the Lahore High Court. The proposal is scheduled to be considered at an Extraordinary General Meeting (EGM) on July 8, 2026.
Implementation of the scheme remains subject to shareholder approval, sanction by the Lahore High Court, and fulfillment of all applicable legal and regulatory requirements before it can take effect.
The restructuring is expected to streamline Citi Pharma’s real estate holdings while facilitating the establishment of a REIT structure, potentially enhancing the efficiency and value of the company’s property assets.
