The Securities and Exchange Commission (SEC) has granted GlaxoSmithKline (GSK) Consumer Nigeria Plc’s request to delist from NGX, following the company’s decision last year to exit the Nigerian market due to ongoing FX challenges and rising operational costs. GSK is currently undergoing business restructuring in Nigeria, aiming to address forex sourcing difficulties by selling products to a third party responsible for importation, strategically mitigating losses from the Naira devaluation. Additionally, GSK is considering the delisting of its equities from Nigerian Exchange (NGX) Limited.
In a notice signed by the Company’s secretary, Mr. Frederick Ichekwai, the firm has confirmed SEC approval to delist its shares from the NGX and will apply for the bourse. Mr. Ichekwai stated: “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.”
In his concluding message, the secretary further stated: “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.”
