GlaxoSmithKline (GSK) Consumer Nigeria Plc says it plans to cease operations after evaluating the options for moving to a third-party distribution model for its pharmaceutical products.
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| GlaxoSmithKline (GSK). Photo: Kristoffer Tripplaar/ Sipa USA |
The company is well-known for its products such as Augmentin, Neosporin, Panadol, Sensodyne, Advair, Ventolin, Theraflu, among others.
GSK Nigeria announced the development in a statement sent to the Nigeria Exchange Limited (NGX) on Thursday and signed by Frederick Ichekwai, the company secretary.
The company said it is working with its advisers to agree on next steps and plans to submit a scheme of arrangement to the Securities and Exchange Commission (SEC), which if approved, will see it return cash to shareholders except its parent company, GSK UK.
The Company assured that all necessary legal proceedings would be met as regards employees and shareholders. TheCable
