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Eyeing expansion, Pakistan's Citi Pharma Limited said that it is planning to establish a multi-million dollar, wholly-owned, subsidiary in Uzbekistan.

The company has signed an agreement with the Deputy Governor Namangan Region, Uzbekistan to establish a wholly-owned subsidiary of the company in Uzbekistan, informed Citi Pharma in its filing to the Pakistan Stock Exchange on Thursday.

“This venture will enable the company to produce syrups, liquids, psychotropic products, general section etc,” read the statement.

Citi Pharma informed that, subject to regulatory approvals, the said project shall be completed within one year. “The project will be undertaken at a total project cost of $3 million whereby Citi Pharma would contribute $1 million as equity while local/ international banks at Uzbekistan will provide a long-term debt of $2 million at subsidised rates.”

The government of Uzbekistan has sanctioned a land area of 5 hectares (12.35 acres) free of cost. Furthermore, the underlying project would have a tax free status for a period of 10 years, the notice added.

“This intended subsidiary company will be producing the substitute of the formulations products which Uzbekistan is currently importing from different countries,” said Citi Pharma.

IPO oversubscribed: Citi Pharma raises Rs2.32bn in book building

“However, Citi Pharma Limited will be providing API material to its subsidiary and other pharmaceutical companies in Uzbekistan from Pakistan and also will get foothold in Uzbekistan to develop export market.”

Back in June, Citi Pharma raised Rs2.32 billion in total, making it the second pharma sector IPO in 23 years.

Citi Pharma has achieved revenue growth from Rs 1,016 million in FY16 to Rs 3,528 million in FY20, a 36.2% CAGR in 5 years. The company recorded Rs 4,015 million in sales during the nine months of FY21 already surpassing last year’s sales.

The company is planning to expand its existing capacity of 3,600 tonnes per annum of paracetamol to 6,000 tonnes per annum. In addition, the company says it plans to add new APIs as well as a pharmaceutical formulation, or final products, to its existing product line.

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