KARACHI: City Pharma Ltd (CPHL) informed the PSX that an agreement was signed between CPHL and deputy governor Namangan Region Uzbekistan to establish a wholly-owned subsidiary of the company in Uzbekistan at a total project cost of $3m.

CPHL would contribute $1m as equity while local/international banks at Uzbekistan would provide long-term debt of $2m at subsidised rates. The Uzbekistan government has sanctioned land area of 0.5 hectare (12.35 acre) free of cost. Moreover, the project would have tax-free status for 10 years.

Published in Dawn, September 17th, 2021