KARACHI: Packages Limited, a Lahore based multinational packaging company, has joined an investor consortium to evaluate a potential purchase of 52.87 per cent shares held by Sanofi Foreign Participations B.V. in sanofi-aventis Pakistan.

The consortium comprises of Packages Limited, IGI Investments (Private Limited), and affiliates of Arshad Ali Gohar Group.

According to a bourse filing by Packages Limited, Sanofi will be giving the consortium an opportunity to conduct due diligence and commence negotiations on terms and conditions of the potential transaction.

“The company will perform its role in accordance with the applicable laws in the proposed transaction process, including, but not limited to, the due diligence process, conducting management presentations, organizing site visits, and finalisation of transaction related agreements (if relevant),” the bourse filing noted.

“We do not expect any disruption to the manufacturing, marketing, distribution, or availability of Sanofi products in Pakistan. Healthcare providers, patients and caregivers are assured of the continuity of supply of Sanofi products in the immediate future as well as in the long term,” said Dr Asim Jamal Managing Director of sanofi-aventis Pakistan Limited.

It may be mentioned here that IGI Holdings Limited has also made a similar announcement on behalf of its 100 per cent wholly owned subsidiary IGI Investments (Private) Limited (a member of the Consortium).

Sanofi-Aventis Pakistan Limited (PSX: SAPL) was set up in 1967 as Hoechst Pakistan Limited. With change of businesses and activities, mergers and acquisitions over a period of years, it stands today as Sanofi-Aventis Pakistan Limited.

Sanofi is a subsidiary of Sanofi Foreign Participations B.V. (the parent company). Sanofi S.A. France is the ultimate parent company.

As at December 31, 2020, 74 percent of the shares are with the associated companies, undertakings and related parties. Within this, Sanofi Foreign Participations B.V. held nearly 53 percent of the total shares. Close to 14 percent are with the directors, CEO, their spouses and minor children. Of this, Mr. Arshad Ali Gohar, a non-executive director, holds over 8 percent of the total shares; general public holds 4 percent shares. The remaining about 8 percent shares is with the rest of the shareholder categories