AGP Limited (PSX: AGP) has announced its decision to raise its stake in OBS Pakistan Limited to 92.5 percent, according to a filing made with the Pakistan Stock Exchange. The company’s board, in a meeting held on June 14, 2023, approved the authorization for AGP to invest an additional 7.5 percent in the issued and paid-up share capital of its subsidiary company, OBS Pakistan (Private) Limited.
With this additional investment, AGP’s total shareholding in OBS Pakistan (Private) Limited will increase to 92.5 percent. The board has also granted authorization to the management to convene an extraordinary general meeting in the future to seek approval from the company’s shareholders regarding the proposed investment.
AGP Limited is engaged in various activities related to the import, marketing, export, dealership, distribution, wholesale, and manufacturing of pharmaceutical products. Aitkenstuart Pakistan (Private) Limited, the parent company, holds 55.80 percent of AGP’s share capital, while West End 16 Pte Limited Singapore serves as the ultimate parent company.
As of the filing, AGP’s scrip at the Pakistan Stock Exchange was trading at Rs. 51.49, showing a 0.25 percent increase or Rs. 0.13. The turnover for the day amounted to 10,850 shares.