By Peter Egwuatu

The management of GlaxoSmithKline Consumer Nigeria, GSK Plc has allayed fears of job cuts after its planned divestment of its drinks business later in the year. The Legal Director/ Company Secretary, GlaxoSmithkline Consumer Nigeria Plc, Mr. Uchenna Uwechia, who disclosed this to select journalists  in Lagos stated  that the Board of Directors of GSK Plc has accepted Suntory Beverage & Food Limited offer for the divestment of its drinks bottling and distribution Business.

H e said that the Nigerian Stock Exchange, NSE has been notified of its proposed plan to divest from its drinks business as part the post listing requirement of the exchange. According to him, “The Board of GSK has accepted and is recommending for approval by shareholders, a binding offer from Suntory Beverage & Food Nigeria Limited, a subsidiary of Suntory Beverage and Food Limited for the divestment of its drinks bottling and distribution business.”

Uwechia , disclosed that the  principal terms of the offer will be set out in a circular to the shareholders. According to a  statement  from the company, “If the shareholders and regulators were to approve the sale , the retained business of GSK Nigeria would include its wellness, Oral Healthcare, Nutrition and Pharmaceutical/Vaccines businesses, and the company would remain listed on the NSE.”

Commenting on the any job cut after the divestment, he said: “Part of the terms of the offer was that Suntory Beverages will retain the staff in the drinks business. So, there is no need to fear, we will disclose further details of the offer once we get all the regulatory a[approvals. Even Suntory Beverages has stated that more people will be employed once it takes over the drinks business as the capacity of its plants in Nigeria is higher than what we currently have. “