SEARL Clarifies Reports of Acquiring Majority Stake in Abbott Laboratories

The Searle Company Limited (PSX: SEARL) has denied showing any interest in acquiring a 51 percent stake in Abbott Laboratories, the company informed the main bourse on Thursday. “We categorically deny this claim and wish to clarify that no such discussions, negotiations, or interest have been intimated by the Company in relation to Abbot Laboratories or any acquisition of its stake,” the stock filing stated. It said, “We advise the public and all our valued stakeholders to rely only on official announcements made by the Company through the Pakistan Stock Exchange or other approved communication channels”. Should there be any material information requiring disclosure, the Company will duly inform the Pakistan Stock Exchange and other relevant authorities in accordance with the applicable laws and regulations, the filing added. The Company is principally engaged in the manufacture of pharmaceuticals and other consumer products. International Brands (Private) Limited is the Parent Company, which holds 56.32 percent shareholding in the Company.