Packages Limited joins consortium for Sanofi Foreign Participations’ stake

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 BV in Sanofi-Aventis Pakistan, a bourse filing said.

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

Sanofi will be giving the consortium an opportunity to conduct due diligence and commence negotiations on the 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, organising 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,” Sanofi-Aventis Pakistan Limited managing director Dr Asim Jamal said.

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).

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