May 30, 2022 (MLN): Packages Limited (PSX: PKGS) will invest Rs3.17 billion for the acquisition of 3,375,665 ordinary shares i.e. 35% in SanofiAventis Pakistan Limited with a maximum of up to Rs4.8bn for the acquisition of 5,099,469 ordinary shares i.e. 52.87%, as per the resolutions passed today in the Extraordinary General Meeting (EoGM).
This is in case other members of the Investor Consortium do not take up their proportional share of 17.87%.
Meanwhile, this investment is in accordance with the terms of the Share Purchase Agreement subject to fulfillment of all applicable legal conditions including under take-over laws and applicable corporate and regulatory approvals.
The shareholders further resolved that the acquisition of such number of ordinary shares of Sanofi-Aventis Pakistan Limited (which may be up to 585,254 ordinary shares constituting 6.07% shareholding of Sanofi-Aventis Pakistan Limited) may be offered and acquired in accordance with the provisions of Part IX of the Securities Act 2015 and the Listed Companies.
