Glaxosmithkline Consumer Nigeria PLC (GSK) said it is postponing the deal closure date for the sale of its beverage unit to Suntory. It would be recalled that GSK had communicated to the Nigerian Stock Exchange, NSE about its divestment from the business.
In statement signed by GSK ‘that the completion date for the transaction earlier scheduled for 31st August 2016 has now been moved to 30th September 2016 to enable both parties to comply with the terms of the Asset Purchase Agreement entered into on 31st May 2016. No further delay is anticipated and both parties will continue to work diligently together to conclude the transaction’.
‘In view of the above development, the Register of Members and Register of Transfers of the Company would be closed from Monday 3rd October 2016 to Friday 7th October 2016, both days inclusive. Subject to the receipt of the consideration and completion of the deal on 30th September 2016, dividend warrants for the special dividend declared by the Company at its Extraordinary General Meeting of 4th July, 2016 would be posted on 12th October 2016 to holders of shares whose name appear in the Register of Members at close of business on 30th September 2016’.
GSK has not disclosed how much it will be selling the sale of the unit, the company would be disclosing it in its Q4 report should the deal get closed by then.