According to a notification on the Pakistan Stock Exchange (PSX), GlaxoSmithKline Consumer Healthcare Pakistan Limited (GSKCH) has filed a merger petition with the Sindh High Court (SHC).
The Company had previously, on June 5 2018, announced its intention to amalgamate GlaxoSmithKline OTC (Private) Limited (GSK OTC) with and into the GSKCH.
According to a previous announcement by the firm, “As a consequence of this proposed amalgamation, 0.2100 ordinary share of the Company is proposed to be issued for every 1 ordinary share of GSK OTC. Accordingly, 21,504,325 shares of the Company will be issued as consideration for 102,401,548 shares of GSK OTC.”
The company had also announced, “For the purpose of swap ratio, advance subscription money against right issue as appearing on GSK OTC Financial Statement as a cut-off date is assumed to be converted into Ordinary Shares at par value.”
