Glaxo SmithKline Consumer Nigeria Plc Shares Suspended Following Scheme of Arrangement Approval

Glaxo SmithKline Consumer Nigeria Plc has suspended trading of its shares on the Nigerian Exchange Limited (NGX).

The Securities and Exchange Commission along with the Federal High Court sanctioned the arrangement, prompting the company to cease trading activities on Monday, 22 January 2024.

The suspension aims to prevent further trading on Glaxo SmithKline Consumer Nigeria Plc shares, aligning with the effective date of the scheme, which was Friday, 19 January 2024.

This date coincided with the filing of the Court Sanction with the Corporate Affairs Commission.

The suspension will also facilitate necessary updates to the register of members, ensuring smooth processing of the Scheme consideration and eventual delisting from the NGX.

Investors and trading license holders are advised to take note of the suspension for their records and information.

Glaxo SmithKline Consumer Nigeria Plc’s decision underscores its commitment to executing the Scheme of Arrangement meticulously, in line with regulatory requirements and corporate governance standards.

The move reflects the company’s strategic vision and commitment to optimizing shareholder value amidst evolving market dynamics.

As stakeholders await further developments, the suspension serves as a pivotal step in the company’s transformative journey within the Nigerian business landscape.