The Nigerian Exchange Limited has delisted GlaxoSmithKline Consumer Nigeria Plc’s shares from the Daily Official List of the exchange.
The Exchange’s Weekly Report mentioned this. The delisting happened after the NGX granted the Company’s request to delist all of its outstanding share capital
“Following the approval of the Company’s application to delist its entire issued share capital from the Nigerian Exchange Limited (NGX), please be informed that the entire issued share capital of GSK was on Monday, 5 February 2024, delisted from the Daily Official List of NGX”. The statement reads in part.
Trading in the shares of Glaxo SmithKline Consumer Nigeria (GSK) Plc on the NGX has been suspended as part of the process leading to its eventual delisting from the Exchange.
This suspension follows the Securities and Exchange Commission’s approval of the Scheme of Arrangement between Glaxo SmithKline Consumer Nigeria Plc and its fully paid ordinary shareholders, coupled with the Federal High Court’s endorsement of the said Scheme of Arrangement.
The purpose of the suspension is to facilitate the updating of the register of members for the payment of the Scheme consideration and the subsequent delisting of the company from the NGX.
The approval for this action was granted following a Court Ordered Meeting held on December 5, 2023, during which the shareholders of GlaxoSmithKline Consumer Nigeria Plc gave their nod to the proposed Scheme of Arrangement.
The shareholders agreed to a payment of N17.42 for each share held, forming part of the Scheme of Arrangement for the dissolution of the company. Additionally, they endorsed the delisting of GlaxoSmithKline Consumer Nigeria Plc from the Daily Official List of the Nigerian Exchange Limited once the Scheme becomes effective.
In a significant development, the UK-based pharmaceutical giant, GlaxoSmithKline, had previously announced on August 3, 2023, its intention to exit Nigeria and shut down its Nigerian subsidiary, GlaxoSmithKline Consumer Nigeria Plc, pending regulatory authorities’ approval.
