GSK secures SEC approval to delist N20bn worth of stocks from NGX

The Board of GlaxoSmithKline Consumer Nigeria Plc (GSK) has announced that the company whose market capitalization is worth N20.1bn has received the nod of the Securities and Exchange Commission of its scheme of arrangement which will result in delisting from the Nigerian Exchange Limited (NGX).

The approval follows the Court Ordered Meeting held on December 5, 2023 – at which the shareholders of GlaxoSmithKline Consumer Nigeria Plc approved the proposed Scheme of Arrangement.

This was contained in the company’s Notice to the NGX and investing Public on Thursday, January 18, 2024.

The company in a statement signed by Frederick Ichekwai, the Company Secretary also disclosed that the order of the Federal High Court sanctioning the Scheme of arrangement has also been obtained.

It added that an application for the delisting of the Company’s shares from the NGX will be submitted imminently.

READ ALSO: Peter Obi laments GSK’s departure from Nigeria’s pharma sector

“Following the Court Ordered Meeting held on December 5, 2023 – at which the shareholders of GlaxoSmithKline Consumer Nigeria Plc (GSK) approved the proposed Scheme of Arrangement (“the Scheme”) – GSK Consumer Nigeria hereby notifies Nigerian Exchange Limited (NGX), our esteemed shareholders, and other stakeholders that the Company has now received Securities and Exchange Commission’s Formal Approval of the Scheme.

“The order of the Federal High Court sanctioning the Scheme of Arrangement has also been obtained.

“An application for the delisting of the Company’s shares from the NGX will be submitted imminently”.

It would be recalled that GlaxoSmithKline, the UK-based pharmaceutical giant earlier announced on August 3, 2023, that it would be leaving Nigeria and shutting down its Nigerian subsidiary, GlaxoSmithKline Consumer Nigeria Plc, subject to approval from the regulatory authorities.

Consequently, shareholders of GlaxoSmithKline Consumer Nigeria Plc have approved the payment of N17.42 for every share held by its shareholders as part of the Scheme of Arrangement for the dissolution of the company.

By Babajide Okeowo

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