Sanofi staff rally against its exit plan

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Employees of Sanofi Bangladesh, a subsidiary of multinational pharmaceutical Sanofi, on Wednesday went out on demonstration in front its office at Segunbagicha in Dhaka amid the company’s move to leave the country.

During the demonstration, the employees, mostly sales executives, of Sanofi Bangladesh locked the main gate of the officer for an hour.

A recent move of Sanofi to sell its stake in Sanofi Bangladesh, triggering fear of joblessness among its official in an apprehension that the pharmaceutical company might face operation suspension or closure after the departure of the MNC, the protesters said.

Sanofi Bangladesh is a joint venture company where the Bangladesh government holds 45.358 per cent stake, Bangladesh Chemical Industries Corporation’s 19.962 per cent and industries ministry’s 25.396 per cent, and Sanofi holds rest 54.642 per cent.

The managing director of Sanofi Bangladesh Muin Uddin Mazumder, and Sanofi India and South Asia chief financial officer Charles Billard has already informed their intent to sell their stakes in Bangladesh for strategic reasons.

The move of Sanofi came in around one year of another MNC GlaxoSmithKline Bangladesh Limited’s move to leave the country on the same ground.

Meanwhile, Ultratech, an Indian major market player, has initiated a move to sell its Bangladesh wing to Heidelberg Cement.

Sanofi would convey formal notice related to the article 31, which was applicable to shut down business, would come in due course of time when Sanofi’s internal process was cleared and it was ready for implementation, according to media reports.

Each year, the company provides dividend to the national exchequer amounting to more than Tk 15 million.

The move of the MNCs came as a blow when the government has been trying to improve business environment to attract foreign direct investment for achieving development goals.

Sanofi Bangladesh was established as Pakistan Pharmaceutical Industries Limited at Tongi of Gazipur in 1960.

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