Unilever Overseas Holdings B.V. will purchase 82 per cent shares of GlaxoSmithKline (GSK) Bangladesh which is listed on both the stock exchanges of Bangladesh.
According to a corporate disclosure, Unilever Overseas Holdings B.V. will purchase the entire holding of SETFIRST Ltd.
SETFIRST Ltd. will sell 9.87 million shares, which is 82 per cent compared to total number of shares of the GSK Bangladesh, at prevailing market price.
"SETFIRST Ltd. has expressed its intention to sell its entire holding of the company at prevailing market price," said a disclosure posted on the website of Dhaka Stock Exchange (DSE) on Wednesday.
The disclosure also said Unilever Overseas Holdings B.V. has expressed its intention to buy the said amount of shares at prevailing market price.
The transaction will be executed in block market within 30 working days.
Unilever N.V was supposed to be purchaser of the stake held by SETFIRST at the GSK Bangladesh.
"…the designated purchaser of the sale of shares was later changed from Unilever N.V to Unilever Overseas Holdings B.V.," said the disclosure posted on the DSE website.
GSK Bangladesh was listed on the country's stock exchange in 1976.
The company's sponsor-directors hold 81.98 per cent shares, institutions 15.53 per cent, foreigners 0.37 per cent and general shareholders 2.12 per cent as on February 29, 2020.