GSK Egypt to spin off consumer healthcare business

A new company focused on consumer health products will be established

  
The GlaxoSmithKline (GSK) logo is seen in Singapore, March 21, 2018.

The GlaxoSmithKline (GSK) logo is seen in Singapore, March 21, 2018.

REUTERS/Loriene Perera
Cairo -  GlaxoSmithKline (GSK Egypt) announced that GlaxoSmithKline plc, listed on the London Stock Exchange LSE), will separate its pharmaceuticals and vaccines business from its consumer healthcare business globally and establish two new independent UK-based companies.

Accordingly, a new company focused on consumer health products will be established in Egypt, while GSK Egypt will continue to produce and market pharmaceuticals and vaccines, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

GlaxoSmithKline Trading Services Limited, one of the main trading companies of the group, expressed its desire to acquire the consumer health business assets, excluding real estate and machinery, for a fair value consideration estimated by an independent financial advisor to be hired by the company.

The trading company also voiced its interest in entering into long-term supply and manufacturing agreements with the Egyptian arm to manufacture consumer health products.

The board of directors will convene to take a decision on the matter.

In the first quarter (Q1) of 2021, the company logged net profits of EGP 2.69 million, down from EGP 33.14 million in Q1-20.

Source: Mubasher

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