Packages Limited has planned to invest Rs. 3.17 billion for the acquisition of a 35 percent stake in Sanofi-Aventis Pakistan Limited with a maximum of up to Rs. 4.7 billion for the acquisition of 5,099,469 ordinary shares, i.e., 52.87 percent, 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 percent.
The 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 a such number of ordinary shares of Sanofi-Aventis Pakistan Limited (which may be up to 585,254 ordinary shares constituting 6.07 percent 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.
Source: Pro Pakistani