KARACHI: Glaxo­Smith­Kline (GSK) Pakistan Ltd on Tuesday announced demer­ger through scheme of arrangement, whereby its healthcare business would be separated into a legal entity ‘GSK Consumer Healthcare Pakistan Ltd’.

In a filing with the stock exchanges, under the disclosure of ‘material information’ rules, the company stated that its board had approved the demerger.

“It will be based on a proposed share issue, where three shares of GSK Consumer Healthcare Pakistan Ltd will be issued to the shareholders of the company for every 10 shares held by them,” the company said.

The scheme, under section 284 to 287 of the Companies Ordinance 1984, was subject to approval of both companies and the Sindh High Court.

Glaxo­Smith­Kline Pak­istan further said that once the scheme is approved by the shareholders and sanctioned by the court, the assets, rights, liabilities and obligations of the healthcare business would be transferred to and vested in GSK Consumer Health­care Pak­istan Ltd, a public limited company formed for the purpose.

“Post-demerger GSK Con­su­­mer Healthcare Pakistan Ltd will be listed on the Karachi and Lahore stock exchanges.”

Published in Dawn, August 26th, 2015

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