GlaxoSmithKline GSK, Consumer Nigeria Plc has disclosed plans to shut down operations and transition to a third party direct distribution model for its pharmaceutical products in the country.
GSk, which is famous for Its products such as Augmentin, Neosporin, Panadol, Sensodyne, Advair, Ventolin, and Theraflu, among others, made this known in a statement on Thursday, 3rd August, 2023.
The statement which was signed by the company secretary, Fredrick Ichekeai, was sent to the Nigeria Exchange Limited NGX .
The company, noted that its parent company, GSK Plc UK, has expressed commitment to halt the commercialization of its prescription medicines and vaccines through its Nigerian subsidiary. It, however, assured Its over 290 employees and shareholders that all necessary legal proceedings would be met regarding their entitlements.
The company stated that it has been working with their professional advisors to agree on next steps and will submit a draft scheme of arrangement to the Securities and Exchange Commission SEC, for approval, so that shareholders other than GSK UK, receive an accelerated cash distribution and return of capital.
GSK also advised it’s Shareholders to seek professional advice and continue to exercise caution when dealing in the company’s shares until a further announcement is made.
Story: Hilda Katu