GSK Nigeria seeks shareholders approval to sell Lucozade, Ribena

June 3, 2016

The board of directors of GlaxoSmithKline Consumer Nigeria (GSK Nigeria) Plc has called an extraordinary general meeting of shareholders to seek approval for the disposal of the company’s drinks business to the Japanese group, Suntory Beverage and Food Limited (SBF).

SBF, a leading soft drinks company with total sales of £6.6 billion, is seeking to buy over GSK Nigeria’s drinks business, which included the two iconic brands-Lucozade and Ribena, through its Nigerian subsidiary Suntory Beverage & Food Nigeria Limited.

The general meeting, slated for July 4, was sequel to receipt of a binding offer from Suntory Beverage & Food Nigeria Limited by the board of GSK Nigeria.

According to a regulatory filing submitted yesterday at the Nigerian Stock Exchange (NSE), shareholders would be requested to approve the proposed sale of the company’s business of manufacturing, bottling, marketing, distributing and selling of the Ribena and Lucozade brands in Nigeria and all assets attached to or deployed in connection with the business to Suntory Beverage & Food Nigeria Limited. Source: Nation Online