December 20, 2021 (MLN): The board of directors of Packages Limited (PKGS) and IGI Investment (Pvt) Limited (IGI Investments), in their meeting held on December 17, 2021, accorded its in-principle approval to become part of the investor consortium to evaluate and conduct 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, the companies filings on PSX revealed today.
The investor consortium shall comprise PKGS, IGI Investments, and affiliates of Arshad Ali Gohar Group which will be led by PKGS.
Further, the board of PKGS also accorded its approval to inject share capital of Rs1.1 billion into its 100% 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 (CEO) and Chief Financial Officer (CFO) of the company have been jointly and/or singly authorized to take such necessary steps as are applicable in accordance with applicable laws.
Packages Power was incorporated on October 20, 2016, and has not yet commenced its commercial operations. Packages Power will establish, operate and manage electric power generating projects and transmission systems for the generation and supply of electric power to the affiliates of the company.
