August 09, 2023 (MLN): The Board of Directors of Sanofi-Aventis Pakistan Limited (PSX: SAPL) approved to change the name of the company to "Hoechst Pakistan Limited", the company's filing on PSX revealed today.
The aforesaid development is subject to applicable corporate and regulatory approvals and completion of necessary legal formalities under applicable laws.
The Registrar of Companies has issued name availability confirmation in respect of Hoechst Pakistan Limited.
It is important to mention that this proposed change of name will not have any impact on the principal line of business of the company and is being carried out in accordance with the terms of the Share Purchase Agreement executed between Sanofi Foreign Participations B.V (Sanofi) and an Investor Consortium comprising of Packages Limited, IGI Investments (Private) Limited and affiliates of Arshad All Gohar Group.
The Investor Consortium acquired the entire 52.87% shareholding of Sanofi held in the Company in April 2023 in accordance with the terms of the Share Purchase Agreement.
The proposed name encapsulates the rich legacy of the company since making its footprint in Pakistan. The company was incorporated in 1967, started manufacturing pharmaceuticals and specialty chemicals in 1972, and went public in 1977.
