TheCable

GlaxoSmithKline Consumer Nigeria Plc says it has received the approval of Securities and Exchange Commission (SEC) on its proposed scheme of arrangement. 

Frederick Ichekwai, the company’ secretary, made the announcememt in a statement filed on the Nigerian Exchange Limited (NGX) on Thursday. 

GSK said a federal high court ordered for a meeting, which was scheduled on December 5, 2023, at Shell Zenith Hall, Muson Centre, Lagos state, to resolve distributable profit to shareholders, among other exit-related matters.

After the meeting, the company said shareholders approved the proposed scheme of arrangement.

“GSK Consumer Nigeria hereby notifies Nigerian Exchange Limited, our esteemed shareholders, and other stakeholders that the Company has now received Securities and Exchange Commission’s formal approval of the Scheme,” the company said. 

“The order of the federal high court sanctioning the scherne of arrangement has also been obtained.

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

In August 2023, GSK Nigeria said it would cease operations after evaluating its operational options following its parent company, GSK UK, choosing to adopt a third-party distribution model for its pharmaceutical products.

GSK Nigeria said it was working with its advisers to agree on the next steps and plans to submit a scheme of arrangement to the Securities and Exchange Commission (SEC), which if approved, will see it return cash to shareholders except its parent company, GSK UK.