By John Lee.
Pakistan's Citi Pharma has said it has not made a decision regarding the establishment of a pharmaceutical manufacturing facility in Iraq.
In a statement to the Pakistan Stock Exchange (PSX) on Thursday, the company blamed social media for spreading inaccurate information, and said it had only recently become aware of the reports.
However, the report in Iraq Business News on 24th September was based on a post that Citi Pharma published on its own Facebook page, in which it clearly states, "We are excited to announce our plans to open a new manufacturing plant in Iraq." A screenshot is shown below.
Full statement from Citi Pharma, 16th October 2025:
Subject: Clarification Regarding News Circulating on Social Media Platforms
Dear Valued Member's, Investors, Customers and other Stakeholders.
This is with reference to certain news items circulating on various social media platforms regarding Citi Pharma Limited's purported plans to establish a new pharmaceutical manufacturing facility in Iraq.
The Company would like to clarify that following our recent participation in the Iraq Expo, discussions were held at an exploratory level with various stakeholders. However, no formal decisions, agreements, or commitments have been made by the Company to enter into or establishing operations in the Iraqi market as of today.
The social media posts suggesting otherwise were inadvertently shared by different media platforms. The Company has formally requested the concerned platforms to remove these posts to prevent the spread of inaccurate information.
We regret the delayed clarification, as the Company became aware of these social media posts at a later stage. Citi Pharma Limited remains committed to maintaining transparency and ensuring timely dissemination of accurate information to its shareholders and the general public in accordance with the applicable regulations.
(Source: Citi Pharma)
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