Ferozsons Board Allows Subsidiary to Explore Private Equity, IPO

The Board of Directors of Ferozsons Laboratories Limited has allowed its 80 percent-owned subsidiary, BF Biosciences Limited (BFBL), to raise additional financing through the way of private equity, IPO and/or bank loans. In a notice to the Pakistan Stock Exchange (PSX) on Wednesday, Ferozsons said that BFBL is evaluating alternative sources of finances (including private equity and/or potential initial public offering) for its ongoing expansion projects and requested the company to review and approve its proposed sources of financing. The request was approved by the Board of Directors of the company in its meeting held on Wednesday. Further, the Board has also authorized management to finalize terms of engagement with the shortlisted consultants for the aforesaid transactions.