The Sindh High Court has approved the scheme of Merger and Acquisition between GlaxoSmithKline Consumer Healthcare Pakistan Limited and GlaxoSmithKline OTC (Private) Limited.
After the order of the Sindh High Court, the notification said, GlaxoSmithKline OTC (Private) Limited stands merged with and into GlaxoSmithKline Consumer Healthcare Pakistan Limited in accordance with the scheme of arrangement.
GlaxoSmithKline Consumer Healthcare Pakistan Limited (GSKCH) had filed a merger petition with the Sindh High Court (SHC) in September.
Previously in June, the company had announced its intention to amalgamate GlaxoSmithKline OTC (Private) Limited (GSK OTC) with and into the GSKCH.
According to a previous announcement by the company,
GSK OTC will be amalgamated with GSKCH for which 2.1 ordinary shares of GSKCH will be issued for every 10 ordinary shares of GSK OTC.
The company had also announced,
GLAXO’s and GSKCH’s shares at the exchange were trading at Rs. 114.10, down by Rs. 0.98 and Rs. 282, up by Rs. 0.60 on Tuesday.
GlaxoSmithKline Consumer Healthcare had de-merged from GSK Pakistan in line with the strategy of its parent company GSK PLC UK to unbundle its healthcare business from the rest of its operations. GSKCH started its operations in 2016 and was listed on PSX in 2017.
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