GlaxoSmithKline Consumer Nigeria Plc’s announcement that it would be ending operations there has angered some shareholders.
GSK said on Thursday that it would be ceasing operations in Nigeria in a press release that was signed by Frederick Ichekwai, the company secretary.
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The company, whose main business is the marketing and distribution of pharmaceutical and healthcare items for consumers, claimed that its parent company, GSK Plc UK, had announced its intention to stop selling its vaccines and prescription medications through its Nigerian subsidiary.
Part of the statement read, “In our published Q2 results, we disclosed that the GSK UK Group has informed GlaxoSmithKline Consumer Nigeria PLC of its strategic intent to cease commercialisation 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 will be briefing its employees, whom it promised to “Treat fairly, respectfully and with care, meeting all applicable legal and consultation requirements”.
“Board is conscious that shareholders will 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,” it further stated.
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