Frederick Ichekwai, the company’s secretary, disclosed this information in a statement filed on the Nigerian Exchange Limited (NGX) on Thursday.

GSK noted that a Federal High Court mandated a meeting, held on December 5, to address issues related to distributable profit to shareholders and other exit-related matters. Following the meeting, the company stated that shareholders endorsed the proposed scheme of arrangement.

Minority shareholders of the company will receive a total cash distribution of N17.42 per share for every share held.

GSK UK, the owner of 555,081,925 Ordinary Shares of GSK, held by Setfirst Limited and SmithKline Beecham Limited, has chosen to waive its share of the cash distribution, among other provided support.

What GSK said:
“GSK Consumer Nigeria hereby notifies Nigerian Exchange Limited, our esteemed shareholders, and other stakeholders that the Company has now received Securities and Exchange Commission’s formal approval of the Scheme,” the company said.

“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.”