KARACHI: A Pakistani consortium will acquire the management shares of Sanofi Aventis Pakistan Limited, a statement said on Friday.
The consortium that is led by the Packages Group and also includes the Arshad Ali Gohar Group has been associated with Sanofi for over five decades.
Syed Babar Ali, founder of Packages Limited, has been guiding Sanofi-Aventis Pakistan Limited for over half a century since its inception in 1967 as Hoechst Pakistan. He is the current chairman of the company and Packages Limited has been a long-time respected local partner.
Over the past couple of years, Sanofi has been evaluating its international footprint. Their long-term strategic roadmap seeks to simplify international operations while retaining a presence and interest locally.
The agreement reached between Sanofi and Packages as part of a new business model focuses on a potential growth of the business and industrial activities in Pakistan. Sanofi will continue to have a stake in the future success of Sanofi products in Pakistan through the supply of raw material for manufacturing as well as managing brand reputations of Sanofi products.