Publish: 26 Jun 2020, 02:27 pm
Unilever Overseas Holdings BV is expected to purchase 98.75 lakh shares of GlaxoSmithKline (GSK) Bangladesh within the next 30 days.
It will buy the securities at the prevailing market level. The investments are in the hands of Set first Ltd, the sister firm of GSK, it was revealed on Thursday.
GSK Bangladesh – a subsidiary of the Uk pharmaceutical company GlaxoSmithKline plc – was placed on the Dhaka Stock Exchange in 1976.
At present, the price per share of the business in the stock market is Tk2,046.30 in the pricing structure of the board.
On December 3, 2018, Unilever NV declared that it will buy GSK shares.
But, instead of Unilever NV, Unilever Overseas was going to purchase the stock, said GSK Bangladesh official. These companies are the sibling interests of the Unilever packaged products corporation.
GSK Headquarters entered into a deal with another European international corporation, Unilever, at the end of 2018, to sell the organic food and nutrition market worldwide.
Following the global deal, the two groups in India have recently amalgamated their concerned companies.
Yet in Bangladesh, Unilever 's mother corporation decided to purchase GSK Bangladesh's controlling stake from GSK headquarters.
GSK sold its 60-year-old pharmacy company in Bangladesh in 2018. The pharmaceutical firm, headquartered in Chattogram, was suffering losses. In order to avoid more damages, the management of the firm agreed to pull down the company's curtains.
Despite the closing of the pharmaceuticals company, GSK earned a profit of Tk98.57 crore in the last financial year. It also proposed that its owners collect a 530 percent cash dividend.
At present, Horlicks contributes to around 93% of GSK Bangladesh's annual sales. The remainder comes primarily from Sensodyne toothpaste, but there are some small brands like Eno over the counter antacid line.
Meanwhile, in the first quarter of the current financial year, the company's net sales was Tk18.04 crore, down from Tk13.32 crore in the previous year.
Under that sense, the company's operating profit rose by 35.44%. Over the year, its earnings per share increased to Tk14.97, an improvement from Tk11.06 in the same year last year.