Karachi August 9 2023: Sanofi Aventis Pakistan Limited Board of Directors in their meeting, considered and approved to change the name of the Company from "Sanofi - Aventis Pakistan limited" to " Hoechst Pakistan Limited", according to company filing to the exchange.
The decision to change the name is subject to applicable corporate and regulatory approvals and completion of necessary legal formalities under applicable laws.
On April 29, 2022, Sanofi Foreign Participations B.V. and an Investment Consortium led by Packages Limited executed a binding Share Purchase Agreement for the purchase of 52.87% shares held by Sanofi Foreign Participations B.V in the Company at a negotiated purchase price of Rs. 940/share (excluding transaction costs) subject to fulfilment of certain conditions and compliance with applicable corporate and regulatory requirements (Shareholder Transaction). The Investment Consortium comprised of Packages Limited, IGI Investments (Private) Limited, and affiliates of Arshad Ali Gohar Group The Shareholder Transaction has been completed on April 28, 2023 upon completion of the applicable conditions and compliance with applicable laws. Upon completion of the Shareholder Transaction, Packages Limited has acquired 35% equity stake in the Company amounting to Rs. 3,173.13 million (excluding transaction costs) in accordance with the terms of the Share Purchase Agreement.
The remaining shareholding, i.e. 17.87% has been taken up by other members of the Investor Consortium on similar terms in accordance with the Share Purchase Agreement. In addition, Packages Limited also acquired a 6.07% shareholding in the Company as a result of mandatory tender offer on August 23, 2022, in accordance with the applicable Takeover Laws.
Sanofi Aventis is the fourteen largest Pharmaceutical company operating in Pakistan with sales of over 17 billion rupees. The Company was incorporated in Pakistan in 1967 as a Public Limited Company under Companies Act, 1913 (now Companies Act, 2017). The Company is engaged in the manufacturing, selling and trading of pharmaceutical and related products.