The minority shareholders of Glaxo SmithKline Consumer Nigeria Plc have given their approval for the acquisition of their shares at the rate of N17.42 per unit as the company finalizes the delisting process from the Nigerian Exchange Limited (NGX).

The agreement was reached during a court-ordered meeting, where shareholders also endorsed various resolutions related to the Scheme of Arrangement.

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Earlier this year, GSK, the Nigerian subsidiary of the multinational, announced its intention to cease operations in the country and transition to a third-party distribution model for its pharmaceuticals and consumer healthcare products.

The court-ordered meeting held on Tuesday approved the Scheme of Arrangement, dated November 6, 2023, and the increase of the company’s distributable reserves to N2 billion due to GSK’s capital contribution of a portion of its trade debts.

Part of the resolutions from the meeting stated, “Other than Setfirst Limited and SmithKline Beecham Limited, who have notified the company that they have elected not to receive their portion of the initial cash distribution, and, instead, to contribute their share of it, the shareholders of the company be paid N17.42 per share for every share held in the company within 10 business days of the effective date.”

Upon payment to the shareholders, the company’s shares will be delisted from the Daily Official List of the NGX.

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The multinational has obtained ‘No Objection’ from regulatory authorities for its planned Scheme of Arrangement.

GSK UK holds approximately 46.42% (555,081,925 shares) of GSK Nigeria through its proxies, Setfirst Limited and SmithKline Beecham Limited.