The Consortium of IGI Investment and the management of Sanofi Aventis have agreed terms and condition to conduct due diligence.
KARACHI: The management of Sanofi Aventis Pakistan Ltd will give a Consortium comprises Packages Limited, IGI Investments (pvt) ltd and affiliates of Arshad Ali Gohar Group an opportunity to conduct due diligence of Company and commence negotiations on terms and conditions of the potential transaction.
In separate notices at the Stock Market Website, the Consortium of IGI Investment and the management of Sanofi Aventis have agreed terms and condition to conduct due diligence.
According to the details, Packages Limited made a public announcement that its Board of Directors gave an in-principle approval to be part of an investor consortium (the “Consortium”) to evaluate a potential purchase by the Consortium of all of 52.87% shares held by Sanofi Foreign Participations B.V. (“Sanofi”) in Sanofi-Aventis Pakistan Limited (the “Company”), subject to compliance with all applicable laws. The Consortium would comprise Packages Limited, IGI Investments (Private Limited), and affiliates of Arshad Ali Gohar Group. IGI Holdings Limited has also made a similar announcement on behalf of its 100% wholly owned subsidiary IGI Investments (Private) Limited.
The management of Sanofi has informed the Company that Sanofi will be giving the Consortium an opportunity to conduct due diligence of the Company 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 notice said “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 Managing Director of Sanofi-Aventis Pakistan.
The notice further claimed that there are no assurances that the negotiations between Sanofi and the Consortium will result in any binding agreement and that the transaction will occur at all.
In a separate notice, IGI Investments (Private) Ltd (IGI Investments) is a 100% wholly owned subsidiary of IGI Holdings Limited. Its Board of Directors accorded its in-principle approval, in its meeting held on December 17, 2021, 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% shareholding of Sanofi Foreign Participants B.V (Sanofi) held in Sanofi-Aventis Pakistan Limited.