GSK extends divestment deal closure date

The management of GlaxoSmithKline Consumer Nigeria Plc has extended the closure date for the divestment deal with Suntory Beverage & Food Nigeria Limited.

The transaction which will see the pharmaceutical giants divest drinks bottling and distribution business to the Japanese soft drink company was earlier scheduled for Wednesday 31st August, 2016 but has now been shifted forward to 30 September, 2016.

According to a release made available to the Nigeria Stock Exchange, the change in deal closure date was to enable both parties to comply with the terms of the Asset Purchase Agreement entered into on 31 May, 2016. It continues that no further delay is anticipated and that both parties will continue to work diligently together to conclude the transaction.

The management of the company stressed that register of member and register of transfers of the company would be closed from Monday 3rd October to Friday 7th October, 2016. It further reiterated that subject to the receipt of the consideration and completion of the deal by end of September, dividend warrants for the special dividend declared by the company at its Extraordinary General Meeting of July 4, 2016 would be posted on 12 October, 2016 to holders of shares whose name appear in the register of members at close of business on 30 September.

The release also thanked the Nigeria Stock Exchange for its continued support on the transaction.

Suntory Beverage & Food Nigeria Ltd is a subsidiary of Suntory Beverage & Food Ltd with headquarters in Japan. The company’s sales figures is put at over 1.2 trillion Yen which is approximately £6.6m.