GlaxoSmithKline Consumer Nigeria Plc, a consumer goods producing company, on Thursday announced plans to shut down its operations in Nigeria.
The company disclosed this on Thursday in a statement signed by the Company Secretary, Frederick Ichekwai and filed with the Nigerian Exchange Limited.
The company said that its parent company, GSK Plc UK, revealed its intent to cease commercialisation of its prescription medicines and vaccines through its Nigerian subsidiary. “In our published Q2 results, we disclosed that the GSK UK Group has informed GlaxoSmithKline Consumer Nigeria PLC of its strategic intent to cease commercialization of its prescription medicines and vaccines in Nigeria through the GSK local operating companies and transition to a third-party direct distribution model for its pharmaceutical products.”
The company said it would be briefing its employees whom it promised to “Treat fairly, respectfully and with care, meeting all applicable legal and consultation requirements.”
The statement said its Board was conscious that shareholders would have many questions. “ We have been working assiduously with our professional advisors to agree on the next steps and we will be shortly submitting to the Securities and Exchange Commission, a draft Scheme of Arrangement which may, if approved, see shareholders other than GSK UK, receive an accelerated cash distribution and return of capital.”
GSK said it would appoint a third-party distributor in Nigeria for the supply of its consumer healthcare products. (GBN)