The company’s board of directors approved the demerger through scheme of arrangement. PHOTO: REUTERS
GlaxoSmithKline (GSK) Pakistan, the local subsidiary of a multinational pharmaceutical giant, announced to split its consumer healthcare and pharmaceutical divisions, according to a notice sent to the Karachi Stock Exchange on Tuesday.
The company’s board of directors approved the demerger through scheme of arrangement whereby its consumer healthcare business would be separated into a legal entity namely GSK Consumer Healthcare Pakistan Limited, the notice said.
According to the details, shareholders of the company will be issued three shares of the new entity against every 10 shares held by them. After the demerger, the notice said GSK Healthcare Pakistan will be listed on the Karachi and Lahore Stock Exchanges.
The company’s stock traded at Rs206.18 per share at the close of market on Tuesday, increasing 0.01% from Rs205.98.
Published in The Express Tribune, August 26th, 2015.
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