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GlaxoSmithKline Consumer Nigeria Plc, the subsidiary of GlaxoSmithKline Plc – the global healthcare company, has completed the sale of its drinks business, which includes the bottling and distribution of Ribena and Lucozade drinks, to Suntory Beverage & Food Nigeria Limited (SBFN), a Japanese soft drinks company. GSK Consumer Nigeria made this disclosure on Friday, following the approval from its shareholders and Nigeria's Securities & Exchange Commission (SEC).

The sale of the drinks, bottling and distribution business of the healthcare company, reportedly worth N15.7 billion, is said to include part of its manufacturing plant in Agbara, Ogun State. Effective from October 1, 2016, GSK transferred the ownership of the drinks business in Nigeria to SBFN.

GSK Consumer Nigeria was incorporated in Nigeria on June 23, 1971 and commenced business on July 1, 1972, under the name, Beecham Limited. In 2000, Glaxo Wellcome Plc and SmithKline Beecham Plc merged to form GlaxoSmithKline. The company’s primary areas of focus are pharmaceuticals, vaccines and consumer healthcare.

“One of the objectives of the divestment was to allow the Nigeria business to focus on the same consumer healthcare portfolio as the parent group,” GSK Consumer Nigeria said.
 
Following the divestment to SBFN, the retained business of the new entity, GSK Consumer Health Company, will consist of the Consumer Healthcare Wellness, Oral Healthcare and Nutrition categories and Pharmaceutical business. Its retained brands include Sensodyne, Macleans, Panadol, Horlicks, Andrew Liver Salts, Voltaren, Otrivin and CAC 1000.

The company is still listed on the Nigerian Stock Exchange (NSE). The company's stock price closed at N19.05 on the NSE on Tuesday, up 0.26% from the previous day's close. GSK declared a special dividend of 60k per share following the approval from its shareholders in July.

In a statement released today, CardinalStone Partners, a Lagos-based investment advisory company, said dividend warrants for the special dividend declared by the company will be posted on October 12, 2016 to holders of shares whose name appear in the register of members at close of business on September 30, 2016.