The Federal High Court through SEC has granted GSK Consumer Nigeria permission to submit a plan of arrangement for the company’s liquidation.

Every share owned by the company, with the exception of GSK UK, which owns shares through its subsidiaries Setfirst Limited and Smithkline Beecham Limited, would receive a total cash payment of N17.42 per share.

In accordance with Section 715 of the Companies and Allied Matters Act 2020 (as amended) the plan will be carried out through a Scheme of Arrangement.

Although Setfirst Limited and Smithkline Beecham Limited hold 555,081,925 Ordinary Shares of GSK, GSK UK has chosen to forfreit their share of the cash dividend.

We will shortly submit an application to the Nigerian Exchange Limited (NGX) through SEC for the delisting of the company’s shares, the statement read.