The Nigerian Exchange (NGX) has started the delisting process for the removal of the shares of GlaxoSmithKline Consumer Nigeria (GSK Nigeria) Plc from the stock market.
A regulatory document obtained yesterday indicated that the NGX has suspended trading on the shares of GSK Nigeria.
The NGX stated that the suspension of trading was sequel to the approval of the Scheme of Arrangement between GSK Nigeria and holders of its fully paid ordinary shares by the Securities and Exchange Commission and sanctioning of the same scheme by the Federal High Court.
The suspension, which started on Monday, January 22, 2024, was a full suspension, implying there won’t be any trading or price movement henceforth on the shares.
“The suspension was to prevent further trading on the shares of the company given that the effective date of the scheme of arrangement was Friday, 19 January 2024, being the day the Court Sanction was filed with the Corporate Affairs Commission and to enable the Registrars to update the register of members for payment of the Scheme consideration and eventual delisting of the company from the NGX,” NGX stated.
