Five local companies willing to buy Sanofi's share

FT ONLINE

To sell the share of its plant, the Sanofi Bangladesh Ltd has had discussions with five companies. 

The French lifesaving drug producing firm has completed its primary discussion with the United Group, Incepta pharmaceuticals Ltd, Akij Group, Partex Group and MGH Group.

The FT team could reach three of the five company's high officials. One of them said his company is "willing to buy Sanofi's share", while the other two said they are yet to have any discussions with Sanofi. 

As the Sanofi SalesForce Welfare Association submitted a memorandum to the chair of state-run Bangladesh Chemical Industries Corporation (BCIC), a shareholder of the company, on Monday the issue came to be known.

Preferring anonymity, a BCIC high-official said, the Sanofi has already had talks with some local conglomerates to sell its share. Sanofi SalesForce Welfare Association leaders also confirmed the issue.

When contacted, Managing Director of Sanofi Bangladesh Muin Uddin Mazumder and Head of Communications Farhana Tofail replied through their public relations agency.

"We [Sanofi Bangladesh Ltd] do not want to comment based on rumours."

Sanofi employees have gone for work abstention since last Monday, demanding compensation.

They are suspecting that the company's management will close operations without compensating them.

Things started to go wrong when Ram Prasad Krishna Bhatt was appointed as the chair of the company, Sanofi's Sramik-O-Karmachari Union's President Abdur Razzaque said.

"Sanofi has been operating in the country since 1958. Over the last one and a half years, we have been going through uncertainty," he said in a press conference at Jatiya Press Club on early Sunday.

Muin told them: "the company is preparing to sell its shares to another party, " Abdur claimed.

Razekuzzaman Ratan, worker leader, said the decision of selling the shares will hurt our country.

If Sanofi provides compensation through a third party, many of the employees will become the victims of job cuts.

Employees, as a result, have demanded job security until the issue is resolved, opposing any third party involvement in compensation-related issues, Razekuzzaman said.

"If the management does not meet the demands, employees will form a human chain from October 18," Abdur said, "We will go for a tougher movement this time."

In the first week of August, the company informed the BCIC of its decision to leave Bangladesh.

Sanofi high officials had three meetings with its employees on September 16, 17 and 18, where they advised the employees to submit a compensation proposal.

On September 30, Sanofi employees had submitted a compensation proposal to its country chair Ramparsad and Muin.

On October 2 Sanofi sent a statement to the media, saying that the company has no plan to leave Bangladesh.

The BCIC, the Ministry of Industries, and the Sanofi Internationa holds 19.962, 25.396, and 54.642 percent share of the company, respectively.

Different drugs of the company are popular in Bangladesh – namely Avil and Sefrad.