GSK gets SEC approval to delist from the Nigerian Exchange
TLDR
- GlaxoSmithKline Consumer Nigeria Plc receives SEC approval for delisting scheme.
- Scheme of Arrangement endorsed by shareholders and sanctioned by Federal High Court.
- NGX and investing public informed via official notice.
The Board of GlaxoSmithKline Consumer Nigeria Plc (GSK) this week announced the receipt of formal approval from the Securities and Exchange Commission (SEC) for its scheme of arrangement, which will lead to the delisting of the company from the Nigerian Exchange Limited (NGX).
This approval comes subsequent to the Court Ordered Meeting held on December 5, 2023, during which the shareholders of GlaxoSmithKline Consumer Nigeria Plc endorsed the proposed Scheme of Arrangement. The company shared this information in a notice to the NGX and the investing public.
The statement, signed by Frederick Ichekwai, the Company Secretary, also revealed that the Federal High Court has issued an order sanctioning the Scheme of Arrangement.
Key Takeaways
A review conducted by Whistler on the quoted companies on the Nigerian Exchange Limited reveals that 124 firms have been delisted from the local bourse since 2002. Additional companies, including GSK, have already initiated the process to be delisted. Delisting, in this context, refers to the removal of a company's security from a stock exchange. The reasons for delisting vary and may include voluntary removal due to mergers and acquisitions or violations of regulatory rules. Companies may choose to delist for strategic reasons such as restructuring, going private, or other business considerations. The dynamic nature of the stock market and corporate landscape contributes to the fluctuation in the number of listed companies over time.
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