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PKGS extends timeline for making PAO to acquire 52.95% stake of Sanofi Pakistan

June 24, 2022 (MLN): Packages Limited (PKGS) has extended the timeline for making a Public Announcement of Offer (PAO) to acquire the entire shareholding of Sanofi Foreign Participants B.V. held in Sanofi-Aventis Pakistan Limited (SAPL).

To recall, on December 20, 2021, the Board of Directors of PKGS 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 the entire 52.87% shareholding of Sanofi Foreign Participants B.V. held in Sanofi Pakistan.

The Investor Consortium is comprised of the PKGS, IGI Investments (Private) Limited and affiliates of Arshad Ali Gohar Group where PKGS will lead the Investor Consortium.

Accordingly, the Investor Consortium finalized the purchase price and terms and conditions of the Proposed Transaction with Sanofi Foreign Participants B.V. upon conclusion of the due diligence process as approved by the Board of Directors of the Company in its meeting held on April 27, 2022.

The negotiated purchase price for the Proposed Transaction is Rs. 940/share (excluding transaction costs) and the Company will be acquiring 35% of the equity stake in Sanofi Pakistan. The remaining shareholding i.e., 17.87% shareholding will be taken by other members of the Investor Consortium.

The Company shall also be committed to purchase remaining shareholding to the extent not taken up by any other member of the Investor Consortium along with such shares as may be offered under the mandatory public offer in terms of applicable take-over laws.

The Proposed Transaction shall be executed subject to the signing of transaction documents between the parties including the Share Purchase Agreement and fulfilment of applicable contractual and legal conditions (including for investment in associated companies or associated undertaking and related take-over laws) and applicable corporate and regulatory approvals.

Presently, the share price of the company stood at Rs395.35, down by 1.13% or Rs4.53 from the previous price

Copyright Mettis Link News

Posted on: 2022-06-24T16:50:39+05:00

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