By InvestAdvocate

Lagos (INVESTADVOCATE)-The board of directors of drugmaker, GlaxoSmithKline Consumer Nigeria Plc said on Wednesday it has accepted and is recommending for approval by shareholders, a binding offer from Suntory Beverages & Food Nigeria Lts, a subsidiary of Suntory Beverage and food Limited (“SBF”) for the divestment of its drinks bottling and distribution business.

“The principal terms of the offer will be set out in a circular to the shareholders.

If the shareholders and regulators were to approve the sale, the retained business of GSK Nigeria would include its wellness, Oral healthcare, Nutrition and Pharmaceuticals/Vaccines businesses, and the Company would remain listed on the Nigerian Stock Exchange (NSE), the company said in a statement.

Shares of GlaxoSmithKline at the close of the session on the Nigerian bourse declined 4.76 percent to N20.00 from N21.00 traded the previous session; losing N1.00 per share.