Karachi December 20 2021: The Board of Directors of Packages Limited (Company) in its meeting held on December 17, 2021 accorded its in-principle approval to become part of the Investor Consortium to evaluate and conduct a due diligence for a potential transaction for the purchase of entire 52.87 percent shareholding of Sanofi Foreign Participants B.V (Sanofi) held in Sanofi-Aventis Pakistan Limited (Sanofi Pakistan).
The Investor Consortium shall comprise of Packages Limited, IGI Investments (Private) Limited and affiliates of Arshad Ali Gohar Group. The Investor Consortium will be led by the Company.
The potential transaction shall be carried out subject to the results of due diligence, negotiation of purchase price with Sanofi and fulfilment of all applicable corporate and regulatory approvals and compliance of applicable laws. The Chief Executive Officer and Chief Financial Officer of the Company have been jointly and/or singly authorized to take such necessary steps as are applicable in accordance with applicable laws including but not limited to the negotiation of purchase price along with terms and conditions and the appointment of legal and financial advisors for due diligence and Manager to the Offer in co-ordination with Investor Consortium.
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Sanofi Pakistan is a public limited company, listed on Pakistan Stock Exchange (PSX) and is principally engaged in the manufacturing and selling of pharmaceutical, consumer healthcare products and vaccines.
IGI Investments (Private) Limited and affiliates of Arshad Ali Gohar Group already hold 19.1 percent and 10 percent shareholding in Sanofi Pakistan respectively.
