Extraordinary general meeting of Glaxosmithkline Pakistan Limited

Karachi: Glaxosmithkline Pakistan Limited informed Karachi Stock Exchange about Special resolution passed by the shareholders of Company in extraordinary general meeting held on November 30, 2015.

The agenda of the meeting resolved that subject to the sanction of the High Court of Sindh Karachi the consumer Healthcare Business of GSK Pakistan be and is hereby demerged with and into GSK CHC in accordance with the scheme of arrangement, resolved that the scheme of arrangement between GSK Pakistan and its Members considered by this meeting and hereby approved and resolved that the valuation and swap ratio calculated by the Deloitte Yousaf Adil Chartered Accountants pursuant to their report dated August 24, 2015 and recommended by the board of Directors of GSK Pakistan.

Glaxo Smith Kline Pakistan Limited is incorporated in Pakistan as a limited liability company. The company is engaged in manufacturing and marketing of research based pharmaceutical and consumer products. The company is a subsidiary of S.R. One International B.V., Netherlands, whereas its ultimate parent company is GlaxoSmithKline Plc, UK. The stocks of the company are quoted on the Karachi and Lahore Stock Exchanges of Pakistan.

The company was created on January 1, 2001 through the merger of SmithKline and French of Pakistan Limited, Beecham Pakistan Private Limited and Glaxo Wellcome Pakistan Limited. Some of the pharmaceutical brands produced by the company include Augmentin, Seretide, Amoxil, Velosef, Zantac and Calpol and renowned consumer healthcare brands, which include Panadol, Horlicks, Aquafresh, Macleans and ENO.

The symbol “GLAXO” is being used by the stock exchanges for the shares of GlaxoSmithKline Pakistan Limited.