THE Securities and Exchange Commission (SEC) has granted the request of GlaxoSmithKline (GSK) Consumer Nigeria Plc to leave the Nigerian Exchange Limited (NGX) .
It will be recalled that last year, the leading multinational company announced its intention to exit the Nigerian market because of the lingering foreign exchange (FX) issues in the country and the rising operational costs.
In a notice on Thursday, the firm said it has obtained SEC approval to delist its shares from the NGX and would file an application to the bourse.
“Following the Court Ordered Meeting held on December 5, 2023, at which the shareholders of GlaxoSmithKline Consumer Nigeria Plc approved the proposed scheme of arrangement, GSK Consumer Nigeria hereby notifies Nigerian Exchange (NGX) Limited, our esteemed shareholders, and other stakeholders that the company has now received Securities and Exchange Commission’s formal approval of the scheme.
“The order of the Federal High Court sanctioning the Scheme of Arrangement has also been obtained.
“An application for the delisting of the company’s shares from the NGX will be submitted imminently,” the statement signed by the Company Secretary, Mr Frederick Ichekwai, said.
GSK is restructuring its business model in Nigeria because of the difficulties it encounters in sourcing forex to carry out its operations in the country.
It has decided to sell its products to a third party, which will be responsible for bringing them into the country, eliminating the losses it incurs due to the constant devaluation of the Naira.
GSK, which trades its equities at the local stock exchange, is also considering delisting them from the NGX.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
FULL LIST: 45 visa-free countries Nigerian passport can travel in 2024
Nigeria sits behind Ghana, Guinea, Kenya, Lesotho, Morocco, Benin Republic and Namibia which are at…
How my brother and I became professor same day in same varsity —UNILORIN don
Recently, two brothers –Ahmed Oloduowo Ameen and Mubarak Oloduowo Ameen– were promoted to…
‘I expected N2,000 as my share from sale of human head we got at Saki cemetery’
Thirty-two-year-old Alli and Abdullahi, aged 35, who were the two suspects arrested by…
Why Port Harcourt refinery is yet to start production—Soneye, NNPCL Chief Comm Officer
Mr Femi Soneye is the Chief Corporate Communications Officer (CCCO) of the…
Fear women, fair women and Minister Ojo
Betta Edu, Sadiya Umar-Farouq and Halima Shehu are the reigning women in our…
What you should know about players in Nigerian 2024 AFCON team
The Nigerian football team have appeared in the finals of the Africa Cup of Nations on twenty different occasions. Nigeria has…