KARACHI: The investor consortium led by Packages Limited has acquired the entire 52.87 percent shareholding held by Sanofi Foreign Participants B. V. in Sanofi-Aventis Pakistan Limited from Sanofi Foreign Participants B.V.
Packages Limited, in material information sent to Pakistan Stock Exchange here on Friday informed that the transaction has been executed on April 28, 2023 upon completion of all contractual conditions and compliance with applicable corporate and regulatory requirements including a mandatory tender offer under the provisions of the Securities Act, 2015 and the Listed Companies (Substantial Acquisitions of Voting Shares and Takeovers) Regulations, 2017 (Takeover Laws).
Under the terms of the transaction, Packages Limited has acquired 35 percent equity stake in Sanofi Pakistan at a negotiated purchase price of Rs 940 per share amounting to Rs. 3,173.13 million (excluding transaction costs) in accordance with the terms of the Share Purchase Agreement.
The remaining shareholding i.e. 17.87 percent has been taken up by other members of the investor consortium on similar terms in accordance with the Share Purchase Agreement.
In addition, Packages Limited also acquired 6.07 percent shareholding in Sanofi Pakistan at such price and subject to such terms and conditions as were applicable under the mandatory tender offer in accordance with the applicable Takeover Laws, which was concluded in September 2022 by Arif Habib Limited, Manager to the Offer and communicated via letter bearing reference number SEC/107/PKGS dated September 02, 2022.
Following completion of the transaction, Packages Limited now holds approximately 41.07 percent of the issued ordinary share capital of Sanofi Pakistan.
The investor consortium comprised of Packages Limited (Company), IGI Investments (Private) Limited and affiliates of Arshad Ali Gohar Group.
Sanofi-Aventis Pakistan Limited is a public limited company, listed on the Pakistan Stock Exchange and is principally engaged in the manufacturing and selling of pharmaceutical, consumer healthcare products and vaccines.
Copyright Business Recorder, 2023