The Nigeria Exchange Limited (NGX) released a weekly report on 9 February 2024, announcing the suspension of Glaxosmithkline (GSK) shares from its Daily Official List of NGX. This is the outcome of GSK’s Board of Directors receiving formal clearance from the Securities and Exchange Commission (SEC) for the suspension process.
The report further states that GSK’s whole issued share capital was canceled on February 5, 2024. The decision of GSK stemmed from its exit from Nigeria due unavailability of foreign exchange which impacted product supply, high operational expenses and prevailing insecurity in the country.
In response to these challenges and product availability, the company is embracing a third-parties distributor while actively engaging with local shareholders for a return of capital.