GlaxoSmithKline Consumer Nigeria agreed to sell bottling, distribution business to Suntory of Japan for 15.8b naira to reduce pressure from further devaluation of currency, Chairman Edmond Onuzo tells shareholders at meeting in Lagos.
* “The board has concluded that the disposal at this time maximizes the value of this business for shareholders”;
* Drinks business operating profit margins “low,” Onuzo says;
* Cash flow under pressure as margins deteriorated;
* Glaxo Nigeria to focus on consumer health after sale;
* NOTE: Co. is unit of U.K. drugmaker GlaxoSmithKline. Source: Bloomberg