KARACHI: On 2 May 2023, IGI Investments (Private) Limited, a wholly owned subsidiary of IGI Holdings Limited, has acquired a majority shareholding in biopharmaceutical company
Sanofi Aventis Pakistan Limited (Sanofi Pakistan).
The investment was made in accordance with Sections 96 and 131 of the Securities Act, 2015 and Clause 5.6.1 of the Rule Book issued by the Pakistan Stock Exchange Limited (PSX).
IGI Holdings Limited – formerly IGI Insurance Limited, a Packages Group Company, is a public listed company and was incorporated in 1953.
Earlier letters to the PSX from IGI Holdings Limited disclosed the proposal of acquisition of the majority shareholding held by Sanofi Foreign Participations B.V in Sanofi Pakistan. The disclosure of the recent information regarding the investment follows earlier letters, sharing that the transaction was executed on April 28, 2023, and providing a disclosure form containing details of the completion of the transaction.
Furthermore, IGI Holdings Limited requested that the information be disseminated to the members of the exchange, in accordance with S.R.O. 143/(1)/2012 dated December 035, 2012, and Sections 96 and 131 of the Securities Act, 2015.
Details of IGI Holdings Limited’s investment in Sanofi Aventis Pakistan Limited
The disclosure form attached in the letter sent to the PSX highlighted that IGI Investments (Private) Limited has acquired a further 5.87% equity stake in Sanofi-Aventis Pakistan Limited (Sanofi Pakistan). The stakes were bought at a negotiated purchase price of Rs. 940 per share. This latest transaction was part of the proposed acquisition of the entire 52.87% shareholding that was previously held by Sanofi Foreign Participations B.V.
It was further shared that the Investor Consortium, which comprises Packages Limited, IGI Investments, and affiliates of Arshad Ali Gohar Group, has collectively acquired the remaining 47% shareholding on similar terms in accordance with the Share Purchase Agreement. The Investor Consortium for this transaction is spearheaded by Packages Limited.
With the completion of the transaction, there is approximately 24.97% of the issued ordinary share capital of Sanofi Pakistan, a public limited company engaged in the manufacturing and selling of pharmaceutical, consumer healthcare products, and vaccines that are owned by IGI Investments. After the completion of all contractual conditions and compliance with applicable corporate and regulatory requirements, the transaction was successfully executed on April 28, 2023.
