GlaxoSmithKline Consumer Nigeria Plc has proposed a Scheme of Arrangement for the dissolution of the company, following the UK-based pharmaceutical giant’s decision to leave Nigeria. The scheme offers shareholders (excluding GSK UK) a premium of N17.42 for every share they hold. GSK UK, which holds a 46.42% stake in GSK Nigeria, has opted out of the cash distribution. This move comes after regulatory approval and requires a Court-Ordered Meeting for finalization.
Key Points:
- GlaxoSmithKline Consumer Nigeria Plc announces a Scheme of Arrangement for shareholder dissolution.
- GSK UK, the majority shareholder, will not participate in the cash distribution.
- Shareholders (excluding GSK UK) will receive a premium of N17.42 per share held.
- The scheme is subject to regulatory approval and a Court-Ordered Meeting.
- GSK Nigeria has been an integral part of the Nigerian pharmaceutical industry, producing well-known brands.
Impact: The proposed scheme marks a significant development for GlaxoSmithKline Consumer Nigeria, its shareholders, and the Nigerian pharmaceutical sector. This move reflects GSK’s strategic decision to exit the Nigerian market and could have broader implications for the pharmaceutical industry in the region. Shareholders will be closely watching the process and outcomes of the Scheme of Arrangement.
