Citi Pharma Limited, a leading name in Pakistan’s pharmaceutical sector, has announced a decisive strategic redirection during its Extraordinary General Meeting (EOGM) held today. In a move backed overwhelmingly by shareholders, the company has officially reallocated its unutilized Initial Public Offering (IPO) funds—originally designated for hospital construction—towards the establishment of new pharmaceutical manufacturing plants.
This special resolution, as recommended by the Board of Directors in their April 30, 2025, meeting, was formally adopted at the EOGM held at Citi Pharma’s head office in Johar Town, Lahore, with shareholder participation both in person and via video link.
“RESOLVED THAT the Company is hereby authorized to reallocate the unutilized Initial Public Offering (IPO) proceeds, which were originally earmarked for the construction of a hospital, towards the establishment of new pharmaceutical manufacturing plants, in line with the strategic direction of the Company and the evolving business environment,” stated the certified resolution.
Unanimous Support from Shareholders
The poll results—conducted through E-voting, postal ballots, and in-person/proxy attendance—reflected near-unanimous support. Of the 170 shareholders representing over 132 million shares:
- 163 voted in favor, representing 132,134,273 shares.
- Only 7 shareholders voted against, representing a negligible 8,995 shares.
These numbers confirm robust investor confidence in the company’s revised growth strategy and operational focus.
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Strategic Implication
The redirection aligns Citi Pharma’s financial resources more closely with its core competencies—pharmaceutical development and manufacturing. As healthcare landscapes evolve and demand for reliable, scalable medicine production grows, Citi Pharma aims to bolster its manufacturing infrastructure to meet both local and international needs.
A company spokesperson noted that “this shift represents a proactive response to market realities, allowing Citi Pharma to deploy its IPO capital where it can yield the most sustainable returns and sectoral impact.”
