GlaxoSmithKline Consumer Nigeria Plc has achieved a milestone with the approval of its proposed scheme of arrangement by the Securities and Exchange Commission (SEC).
Frederick Ichekwai, the company’s secretary, confirmed this development in an official statement filed on the Nigerian Exchange Limited (NGX).
Following a federal high court order issued on December 5, 2023, in Lagos, addressing distributable profit to shareholders and other exit-related matters, shareholders overwhelmingly endorsed the proposed scheme of arrangement during the meeting.
With both SEC approval and a federal high court order in place, GSK Consumer Nigeria is poised to submit an application for the delisting of its shares from the NGX.
The company’s decision to cease operations in August 2023, aligned with GSK UK’s adoption of a third-party distribution model for pharmaceutical products.
Currently working with advisers to determine the next steps, GSK Nigeria plans to return cash to shareholders (excluding its parent company, GSK UK) once the SEC approves the scheme of arrangement.
The pharmaceutical company is navigating strategic shifts in the industry with a focus on maximizing value for its shareholders.
