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Business News

GSK Consumer Nigeria responds to Nairametrics report

GSK issued a statement to the Nigerian Stock Exchange in response to a story by Nairametrics. Yet, it had refused to respond to an email from Nairametrics seeking clarification prior to the publication of the story.

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In a notice sent to the Nigerian Stock Exchange yesterday, GlaxoSmithKline Consumer Nigeria Plc (GSK) responded to a story by Nairametrics pertaining to the company’s declaration of a dividend despite the non-release of its audited financial statements.  

The firm stated that its 2018 full year audited results would be released on or before the 28th of March 2019. 

“The attention of GlaxoSmithKline Consumer Nigeria Plc (GSK) has just been drawn to a publication on the online edition of Nairametrics on the unavailability of our Company’s 2018 Year End Audited Financial Statements despite the publication of the proposed
dividend…

“The 2018 Audited Financial Statements (2018 AFS) is currently undergoing review and would be filed with The Exchange on or before the 28th day of March 2019.”

In addition, the closed period would be maintained, until the results were released. During a closed period, directors, and parties with access to sensitive information can not sell their shares.

“Consequently, the closed period restricting all Directors and insiders from transacting in the shares of the company remain in place until 24 hours after the release of the Financial Statements to the public.”

The trigger  

Nairametrics, in a story published last week, expressed concern that the pharmaceutical giant had released a dividend notice for the 2018 financial year, without accompanying results.  

In addition, concerns were raised over the possibility of insider trading .

“The absence of results, while not intended, could create room for manipulation, since only those with insider information are aware of the results.”

The company’s investor relations did not respond to an email sent by one of Nairametric’s analysts prior to the publication of the story last week. Also, the company did not give any reasons for the action until the report by Nairametrics 

GSK Consumer Nigeria closed at N10.80 in yesterday’s trading session, unchanged from the prior day. Year to date, the stock is down 25.5%, underperforming the Nigerian Stock Exchange, which is down 1.2% 

Results for the nine months ended September 30, 2018, show that revenue increased from N11.4 billion in 2017 to N13.9 billion in 2018. Profit before tax stood at N507 million, as against a loss before tax of N651 million in 2018. Profit after tax stood at N351 million in 2018, compared to a loss after tax of N651 million in 2017. 

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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    Coronavirus

    Covid-19: WHO approves China’s Sinopharm vaccine

    WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

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    Covid-19: First world nations oppose waiving intellectual rights for vaccine development

    The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

    This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

    “This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

    The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

    “Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

    “On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

    The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

    The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

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    The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

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    Obituaries

    “Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

    Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

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    A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

    According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

    Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

    READ: Abba Kyari’s last letter to President Buhari

    She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

    The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

    READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

    Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

    Hotflex

    Details later…

    Continue Reading

      





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