Highnoon Laboratories approves plan to buy another company

Highnoon Laboratories Limited announced on Monday that it had approved a “potential acquisition of a target company, Proposed Acquisition”.

The company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) today.

“The Proposed Acquisition is expected to strengthen the company’s strategic position through potential expansion of its business footprint, enhancement of product portfolio depth and/or capabilities, and realization of operational and commercial synergies (including broader market access and distribution efficiencies).

The listed company informed the bourse that the Proposed Acquisition was currently at an evaluation stage and “remains subject to the due diligence, negotiation and execution of definitive transaction documents, receipt of applicable corporate and regulatory approvals, and satisfaction of other customary conditions precedent”.

Highnoon was incorporated in Pakistan as a private limited company in 1984 and was converted into a public limited company in 1995.

The principal activity of the company is the manufacturing, import, sale and marketing of pharmaceutical and allied consumer products.