Reports has it that the Delisting of GlaxoSmithKline Consumer Nigeria (GSK Nigeria) Plc shares has begun on Nigerian Stock Exchange, and there will be a total cash distribution of N17.42 per shares for every share held by minority shareholders of the company.
There will be no trading or price movement for these shares.
What the Exchange said:
“The suspension was to prevent further trading on the shares of the company given that the effective date of the scheme of arrangement was Friday, 19 January 2024, being the day, the Court Sanction was filed with the Corporate Affairs Commission and to enable the Registrars to update the register of members for payment of the Scheme consideration and eventual delisting of the company from the NGX,” NGX stated.
As per a recently obtained regulatory document, trading of GSK Nigeria shares has been suspended on the NGX, as reported by various Nigerian media.
As of Monday, January 22, 2024, a full suspension has been imposed on GSK Nigeria shares by the NGX. This means there will be no trading or price movement for these shares.
The NGX’s trading suspension comes in the wake of the Securities and Exchange Commission’s approval of the Scheme of Arrangement between GSK Nigeria and its fully paid ordinary shareholders last week.
In August, GlaxoSmithKline UK, a major player in the pharmaceutical industry announced its exit from Nigeria after over 51 years of operations due to challenges like foreign exchange complexities, security concerns, and high operational costs.
It, however, assured its over 290 employees and shareholders that all necessary legal proceedings would be met regarding their entitlements.
