Packages Limited will lead a consortium consisting of IGI Investment and Affiliates of Arshad Ali Gohar Group to acquire majority shares of 52.87 percent in the leading pharmaceutical company, Sanofi-Aventis Pakistan.
According to stock filing, the management of Sanofi will give an opportunity to the consortium to conduct due diligence of the company and commence negotiations on terms and conditions of the potential transactions.
The board of directors of Packages Limited (PKGS) and IGI Investment (Pvt) Limited (IGI Investments), in their recent meeting, accorded its in-principle approval to become part of the investor consortium to evaluate and conduct due diligence for the purchase of the entire 52.87 percent shareholding of Sanofi Foreign Participants B.V (Sanofi) held in Sanofi-Aventis Pakistan Limited.
There are no assurances that negotiation between the consortium and Sanofi will result in any binding agreement and the transaction will occur as a result.
Further, the operations and business of the pharmaceutical company will remain intact in the future without any disruption, the stock filing added.
Packages Limited To Empower its Subsidiary
Further, the board of Packages Limited also accorded its approval to inject share capital of Rs. 1.1 billion into its 100 percent wholly-owned subsidiary, Packages Power (Private) Limited, from time to time, subject to compliance with applicable laws and fulfillment of applicable corporate and regulatory approvals, if any.
The transaction will be financed with a mix of debt and equity. The Chief Executive Officer (CEO) and Chief Financial Officer (CFO) of the company have been jointly and/or singly authorized to take such necessary steps as are applicable in accordance with applicable laws.
Packages Power was incorporated on October 20, 2016, and has not yet commenced its commercial operations. Packages Power will establish, operate and manage electric power generating projects and transmission systems for the generation and supply of electric power to the affiliates of the company.
