In the early hours of trade on the Nigerian stock exchange (NSE) market, GlaxoSmithKline Consumer Nigeria plc stocks dipped 6.02 percent on announcement of its approved plan to shut down Agbara production operation which would be effective in the third quarter of 2021.
Stock price fell to N10.15 from previous close of N10.80 as at 12.38 midday on Tuesday.
GSK indicated its move to restructure supply chain operation effective in the third quarter of 2021.
As revealed through a report released on the Nigerian stock exchange (NSE) market on Tuesday, GSK confirmed the approval by its board of directors to the recent development.
According to the report, “the board of directors has approved a restructuring of GSK’s current operating model to better serve the Nigeria patients and consumers.”
It further reiterated that the restructuring would involve working with local contract manufacturers for the supply of GSK’s product where possible in other to build local expertise and the transfer of technical knowledge and also improve local production capacity in the country.
More details later…
