Sanofi potential transaction: Packages Ltd to become part of investor consortium

KARACHI: The board of directors of Packages Limited has accorded its approval, in-principle, 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. held in Sanofi-Aventis Pakistan Limited (SAPL).

According to material information sent to the Pakistan Stock Exchange on Monday, the investor consortium will comprise of Package Limited, IGI Investments (Private Limited) and affiliates of Arshad Ali Gohar Group. The Investor Consortium will be led by the company.

The potential transaction will be carried out subject to the results of due diligence, negotiation of purchase price with Sanofi and fulfillment of all applicable corporate and regulatory approvals and compliance of applicable laws.

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The Chief Executive Officer and Chief Financial Officer of the Company have been jointly and/or singly authorised 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.

The board of directors of the company also accorded its approval to inject shares capital of Rs 1,100 million 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 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.

Copyright Business Recorder, 2021