Citi Pharma Limited has approved a restructuring plan to transfer two of its Lahore properties into a newly formed wholly owned subsidiary as part of a proposed Real Estate Investment Trust (REIT) structure.

According to a notice submitted to the Pakistan Stock Exchange (PSX), the company’s board approved the Scheme of Arrangement and Demerger during a meeting held on July 8, 2026, under the relevant provisions of the Companies Act, 2017.

Under the proposed arrangement, Citi Pharma will transfer two properties to Citi Core Holdings (Private) Limited, a special purpose vehicle created to facilitate the planned REIT structure.

The properties include a 4.1 kanal site on Hali Road, Gulberg III, Lahore, and a 27.15 kanal property near Khayaban-e-Zafar in Haloki, Lahore.

In exchange for the transfer, Citi Core Holdings will issue 331.72 million ordinary shares with a face value of Rs10 each to Citi Pharma. The transaction will be executed based on a share swap ratio certified by an independent auditor.

The proposed restructuring will now be presented to shareholders for approval at an Extraordinary General Meeting (EGM). The plan will also require approval from the Lahore High Court along with completion of all applicable regulatory and legal formalities before becoming effective.

The move is part of Citi Pharma’s broader strategy to reorganize its assets and create a dedicated structure for unlocking value from its real estate holdings.