Board members at the GlaxoSmithKline (GSKCH) company have today approved the amalgamation of GlaxoSmithKline OTC (Private) Limited (GSK OTC) with and into the company.
The notice from GSKCH read that, “Subject to all regulatory approvals including the approval of the SECP (b) approval of shareholders (c) compliance of all requirements of Companies Act 2017 and (d) Competition Commission approval, the Board of Directors of the company approved the amalgamation of GlaxoSmithKline OTC (Private) Limited (“GKS OTC”) with and into the Company.”
Management has agreed to issue 21.504 million ordinary shares of the company for 102.401 million shares of GSK OTC.
“As a consequence of this proposed amalgamation 0.2100 ordinary share of the company is proposed for every 1 ordinary share of GSK OTC. Accordingly, 21,504,325 shares of the company will be issued as consideration for 102,401,548 shares of GSK OTC”, read the notice.