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.
This was subject to all applicable regulatory approvals for which the company was in process of filing the merger petition with Sindh High Court.
Accordingly, 21,504,325 shares of the Company will be issued as consideration for 102,401,548 shares of GSK OTC.
The company had also announced,
For the purpose of swap ratio, advance subscription money against the right issue as appearing on GSK OTC Financial Statement as a cut-off date is assumed to be converted into Ordinary Shares at par value.
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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