KARACHI: The consumer healthcare and pharmaceutical divisions of GlaxoSmithKline (GSK) Pakistan have been separated, splitting the company in to two parts.
According to a notice sent to the Karachi Stock Exchange, board of directors of the company, the local subsidiary of a multinational pharmaceutical giant, approved the demerger through scheme of arrangement whereby its consumer healthcare business would be separated into a legal entity namely GSK Consumer Healthcare Pakistan Limited, the notice said.
The shareholders of the company will be issued three shares of the new entity against every 10 shares held by them. After the demerger, the notice said GSK Healthcare Pakistan will be listed on the Karachi and Lahore Stock Exchanges.
