The Nigerian federal government, through the Security and Exchange Commission, SEC, has approved the request by international multinational, GlaxoSmithKline Consumer Nigeria Plc, GSK, to be delisted from the Nigerian Stock Exchange.
The company disclosed this in a recent notification to NGX.
Accordingly, GSK Consumer Nigeria also said the order of the Federal High Court sanctioning the Scheme of Arrangement has also been obtained.
It noted that an application for delisting the Company’s shares from the NGX will be submitted imminently.
GSK added that all the company’s shareholders – except GSK UK (whose shares are held through its wholly owned subsidiaries, Setfirst Limited and SmithKline Beecham Limited) – will receive a total cash distribution of N17.42 per share for every share held in the company.
Recall that shareholders had, at the court-ordered meeting held in December last year, proposed a scheme of arrangement.
GlaxoSmithKline Consumer Nigeria Plc had on November 2, 2023, notified Nigerian Exchange Limited (NGX), its shareholders, and other stakeholders that the company received Securities and Exchange Commission (SEC) ‘’No Objection’’ to propose a Scheme of Arrangement to shareholders for the dissolution of GSK’s business.
The company previously announced its exit plan on August 3, 2023.
