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.
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