Lucky Core Industries to Buy Pfizer Plant in Karachi

The Board of Directors of Lucky Core Industries Limited (PSX: LCI) has approved the purchase of a manufacturing facility owned by Pfizer Pakistan Limited located at B2 SITE Karachi, along with the acquisition of certain pharmaceutical products, LCI informed the main bourse on Friday. LCI has also decided to acquire trademarks associated with the said pharmaceutical products (either through an outright assignment of the trademarks or a perpetual license to use the relevant trademarks) from relevant Pfizer group entities, the stock filing added. The Board of Directors of the Company has further authorized the finalization and execution (as necessary) of the definitive transaction documents/agreements including the Asset Purchase Agreements, Trademark License Agreement, and all ancillary documents forming part of the transaction with Pfizer Pakistan Limited and/or its group entities (as applicable). The completion of the transaction will be subject to receipt of necessary approvals and completion of formalities. At the time of filing, LCI’s scrip at the bourse was Rs. 840, yp 5.54 percent or Rs. 44.09 with a turnover of 19,635 shares on Friday.