GSK’s EGM on pharma unit closure Oct 14

FE Online Report | Published: August 29, 2018 12:13:36 | Updated: August 30, 2018 15:25:12

A GlaxoSmithKline logo is seen outside one of its buildings in west London, February 6, 2008 – Reuters file photo

GlaxoSmithKline informed that an extraordinary general meeting (EGM) regarding closure of their pharmaceuticals unit will be held on October 14.

The EGM will be held at 11am to consider and approve the above agenda. The venue of the EGM will be notified later, according to a disclosure posted on the Dhaka Stock Exchange (DSE) website on Wednesday.

The record date for EGM is on September 19, 2018.

Recently, GlaxoSmithKline, one of the world’s leading research-based pharmaceutical and healthcare companies, has decided to close its medicine manufacturing unit in Bangladesh after over six decades of operation.

GSK, however, will continue with its consumer healthcare unit that produces Horlicks, Sensodyne and Glaxose-D in Bangladesh as the company makes a healthy profit from this segment.

The company has further informed that changes in the pharmaceuticals business operations by the company in Bangladesh will have no impact on the consumer healthcare business in Bangladesh.

Each share of the company, which was listed on the Dhaka bourse in 1976, closed at Tk 1,175.40 each on Tuesday.

The company’s paid-up capital is Tk 120.46 million and authorised capital is Tk 200 million, while the total number of securities is 12.04 million.

The sponsor-directors own 81.98 per cent stake in the company while institutional investors own 15.86 per cent, foreign investors 0.92 per cent  and the general public 1.24 per cent as on July 31, 2018, the DSE data shows.

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