GSK Close To Raising Stake In Nigerian Subsidiary With N13Billion

As part of efforts to shore up its Nigerian subsidiary, the UK- based Glaxosmithkline said it has concluded arrangement to inject fresh N13.5 billion in Glaxosmithkline Consumer Nigeria Plc for the acquisition of additional 25 per cent equities in the company.

If the plan sails through, the Glaxosmithkline worldwide will see its equities stake in the Nigerian company rise to 75 per cent against the current 50 per cent while shareholders’ equities will slide to 25 per cent. The company has also proposed a payment of N48 per share for shares surrendered by shareholders or cancelled in the proposed restructuring scheme.

GSK raises stake in Nigerian subsidiary with N13bn