GSK Consumer Healthcare gets listed at PSX
Share price shoots to upper price limit after opening at Rs61.98 per share
A GlaxoSmithKline logo is seen outside one of its building. PHOTO: REUTERS
KARACHI:
GlaxoSmithKline Consumer Healthcare Pakistan Limited (GSKCH) got listed at the Pakistan Stock Exchange (PSX) on Wednesday and its share price shot to the one-day maximum high limit of 5% in no time after opening at Rs61.98 per share.
GSKCH Chief Financial Officer Farhan Muhammad Haroon said GSK has segregated its healthcare business globally. “The segregation would allow the new company to advertise its products in the media,” he said.
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He said pharmaceutical companies are not allowed advertisement for their products. “Only doctors can prescribe them {medicines},” he said.
The new company has over 50 products in its portfolio. The products are expected to invite attention, as consumerism is growing in Pakistan, he said.
He said there was a time when entire families used to use the same toothpaste. “But today, several members of the same family are using different toothpastes...this is what we mean when we say consumerism is growing in Pakistan,” he said.
Haroon added the company has a paid-up capital of Rs955 million, while its authorised capital stands at Rs1 billion.
GSKCH Chief Executive Officer Sohail Ahmed Matin said, “Pakistan’s population and urbanisation are increasing. These are good indicators for growth in health care business,” he said.
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This is the second company that got listed in 2017. Roshan Packages was the first company to get listed in January.
PSX is estimated to see 7-8 new listings in 2017 through issuance of shares to general public under Initial Public Offering (IPO).
Published in The Express Tribune, March 23rd, 2017.
GlaxoSmithKline Consumer Healthcare Pakistan Limited (GSKCH) got listed at the Pakistan Stock Exchange (PSX) on Wednesday and its share price shot to the one-day maximum high limit of 5% in no time after opening at Rs61.98 per share.
GSKCH Chief Financial Officer Farhan Muhammad Haroon said GSK has segregated its healthcare business globally. “The segregation would allow the new company to advertise its products in the media,” he said.
PSX welcomes four board directors from China
He said pharmaceutical companies are not allowed advertisement for their products. “Only doctors can prescribe them {medicines},” he said.
The new company has over 50 products in its portfolio. The products are expected to invite attention, as consumerism is growing in Pakistan, he said.
He said there was a time when entire families used to use the same toothpaste. “But today, several members of the same family are using different toothpastes...this is what we mean when we say consumerism is growing in Pakistan,” he said.
Haroon added the company has a paid-up capital of Rs955 million, while its authorised capital stands at Rs1 billion.
GSKCH Chief Executive Officer Sohail Ahmed Matin said, “Pakistan’s population and urbanisation are increasing. These are good indicators for growth in health care business,” he said.
Stock market to be clean of black money, says a resolute SECP chief
This is the second company that got listed in 2017. Roshan Packages was the first company to get listed in January.
PSX is estimated to see 7-8 new listings in 2017 through issuance of shares to general public under Initial Public Offering (IPO).
Published in The Express Tribune, March 23rd, 2017.